Following repeated delays, Polish fertilizer and chemical major Grupa Azoty on Sept. 11 posted first-half earnings. The company reported a first-half loss of €37.4 million on revenues of €258.5 million, compared with a loss of €22.8 million on revenues of €251.8 million during last year’s first half.
The company cited “adverse global macroeconomic conditions, including the lack of significant recovery in many sectors of both [the] European and global economy. Grupa Azoty added that it is “undertaking proactive measures to undergo an energy transition enabling optimal management of production assets while incurring lower manufacturing costs.”
The company’s Agro segment, which manufactures and sells ammonium sulfate, ammonium sulfonitrite, urea-ammonium sulfate, calcium nitrate with sulfur, as well as ammonia and nitric gas, reported total revenues of €185.2 million and a negative EBITDA of €5.7 million.
Separately, Grupa Azoty on Sept. 10 notified prosecutors in Tarnow, a city in southeastern Poland, of a suspected misuse of powers and the negligent supervision of sponsorship and advertisement contracts by the former management of the company, which generated losses of €1.7 million over the first several months in 2024.