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Fertiglobe’s profits to owners shrink 76% in 9M-23

Fertiglobe’s profits to owners shrink 76% in 9M-23
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Fertiglobe
FERTIGLOBE
1.25% 2.43 0.03

Abu Dhabi – Mubasher: Fertiglobe achieved net profits attributable to the owners valued at $254.40 million in the first nine months (9M) of 2023, down 76% year-on-year (YoY) from $1.07 billion.

Revenues dropped by 55% to $1.77 billion as of 30 September 2023 from $3.97 billion a year earlier, according to the interim financial results.

Basic and diluted earnings per share (EPS) amounted to $0.03 in 9M-23, compared to $0.13 in the year-ago period.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, the ADX-listed company registered $39.50 million in net profit attributable to the shareholders, marking an 86% YoY plunge from $291.60 million.

Revenues plummeted by 60% to $525.10 million in Q3-23 from $1.31 billion in Q3-22, while the basic and diluted EPS went down to $0.005 from $0.035.

Ahmed El Hoshy, CEO of Fertiglobe, commented: “Despite the traditional summer lull for fertiliser sales, we saw nitrogen prices maintain their positive momentum in Q3, driven by tightening markets on planned and unplanned supply disruptions, restocking demand, as well as expectations of reduced exports from China.”

“Nitrogen prices have increased significantly from their troughs in Q2 and Q3, and we expect the benefits from these increases to materialise in Q4,” El Hoshy added.

He concluded: “The short-term outlook is further underpinned by a strong order book for ammonia and urea sales in Q4 2023.”

In the first half (H1) of 2023, Fertiglobe posted an annual decline in net profit to $279.20 million, compared to $1.09 billion.