Abu Dhabi – Mubasher: The annual general meeting (AGM) of Fertiglobe approved a cash dividend of $200 million, equivalent to 9 fils per share, for the second half (H2) of 2023.

This brings the amount of the full-year dividend to $475 million, representing one of the highest dividend yields in Fertiglobe’s industry, according to a press release.

It also marks a total of $2.26 billion returned to shareholders since the company's initial public offering (IPO).

Sultan Ahmed Al Jaber, Chairman of Fertiglobe, said: “Fertiglobe continues to advance its low-carbon ammonia growth strategy, as demonstrated by milestones such as its inaugural shipment of internationally recognized renewable ammonia and the deployment of the world’s first cost-effective CycloneCC carbon capture unit in its UAE facilities.

Ahmed El Hoshy, CEO of Fertiglobe, commented: “Fertiglobe’s market resilience in 2023 was supported by our ongoing Manufacturing Improvement Plan (MIP), which is expected to deliver incremental annual EBITDA growth by 2025.”

“Our proactive cost optimization program has already achieved 51% of its $50 million run rate target within six months of its launch and will continue to play a pivotal role in enhancing free cash generation across market cycles,” El Hoshy added.

In 2023, Fertiglobe’s focus on operational excellence drove a 5% increase in own-produced sales volumes, with full-year revenues valued at $2.41 billion.