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Fertiglobe's net profits hike in 9M

Fertiglobe's net profits hike in 9M
The company recorded revenues of $2.126 billion
Fertiglobe
FERTIGLOBE
1.43% 2.84 0.04

Abu Dhabi - Mubasher: The net profits attributable to the owners of Fertiglobe hiked to $336.2 million during the first nine months of 2021, compared to $29.2 million in the same period of 2020, according to the company's consolidated interim financials for the nine-month period ended 30 September 2021.

The company recorded revenues of $2.126 billion in the January-September period of 2021, up 102% from $1.052 billion in the year-ago period.

The company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) surged by 193% year-on-year (YoY) to $902.9 million in the first nine months of 2021 from $308.4 million.

The basic and diluted earnings per share (EPS) stood at $0.040 each in the January-September period of 2021, against $0.004 each in the same period of the earlier year.

During the third quarter (Q3) of 2021, the company's net profits attributable to the owners increased to $137.7 million, compared to $6.2 million in the corresponding quarter of 2020.

The CEO of Fertiglobe, Ahmed El Hoshy, commented: "We expect this strong earnings momentum to continue with significantly higher EBITDA in Q4 2021 compared to Q3, driven by increasing ammonia and urea prices, exemplifying the structural shift to a demand-driven market environment for nitrogen products over the medium term."

Meanwhile, El Hoshy remarked: "In the last few months, we made good progress by partnering with ADNOC to sell blue ammonia to Japan and reached a milestone through our partnership with Scatec and the Sovereign Fund of Egypt on a new project that could produce up to 90,000 metric tons of green ammonia in Egypt."