Santiago-Sociedad Quimica y Minera de Chile S.A. (SQM) reported net income of $501.4 million ($1.91 per ADR) on sales of $1.774 billion for the year ending Dec. 31, 2008, versus 2007’s $180.0 million ($.68 per ADR) and $1.187 billion, respectively. The company cited higher specialty nutrient prices and increased volumes for iodine and derivatives. Actual specialty nutrient volumes were off; however, annual revenues for the unit were up, at $978.9 million from 2007’s $580.8 million. Potassium nitrate and blended fertilizers made up the bulk of the revenues at $829.4 million, up from the year-ago $513.4 million. SQM reported fourth-quarter net income of $120.3 million ($.46 per ADR) on sales of $397.9 million, up from the year-ago $44.6 million ($.17 per ADR) and $306.2 million, respectively. Specialty nutrient sales were $191.4 million, up from the year-ago $143.7 million. Potassium nitrate/blended fertilizers contributed $160.2 million during the fourth quarter, versus the year-ago $124.4 million. SQM said that despite the global economic downturn, the fundamentals of its specialty nutrient business ?Çô tight supply conditions and an expected recovery in demand ?Çô remain solid. SQM expects demand and sales volumes to recover in the second half of 2009, up significantly from the first half. It expects stable specialty nutrient prices in 2009 versus average prices in 2008.
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