OCI NV, Amsterdam, reported a second-quarter adjusted net loss of $19.9 million, compared with an adjusted year-ago adjusted net income of $36.9 million. Adjusted EBITDA declined 20 percent to $219.5 million, down from the prior year’s $275.1 million. Revenues fell 8 percent to $875.4 million versus the year-ago $953.5 million.
OCI-produced volumes sold in the second quarter increased 6 percent to a record 3.26 million mt, up from 3.08 million mt, while six-month own-produced volumes were up 26 percent on the year, at 6.0 million mt.
The company said Fertiglobe has successfully negotiated final terms with lenders for a $385 million refinancing package, which will crystallize interest savings of about $9 million per year.
OCI is maintaining its forecast that it is on track to deliver “robust” volume growth in 2020. “As we reach our run-rate production, we expect to benefit from a further step-up in volumes in 2021 compared with 2020. We expect this particularly in methanol, where we have finalized major turnarounds at OCI Beaumont in February and in The Netherlands in June,” the company said.
OCI Beaumont on Aug. 25 shut down its ammonia and methanol plants pre-emptively ahead of Hurricane Laura.