Abu Dhabi – Mubasher: Fertiglobe logged net profits amounting to $154.40 million in the first quarter (Q1) of 2024, down year-on-year (YoY) from $188.80 million.

The revenues stood at $551.90 million in the January-March 2024 period, compared to $693.70 million in Q1-23, according to the consolidated interim financial statement.

Basic and diluted earnings per share (EPS) went up to $0.014 in Q1-24 from $0.016 a year earlier.

The total assets hit $4.623 billion at the end of March 2024, down from $4.625 billion as of 31 December 2023.

Ahmed El Hoshy, CEO of Fertiglobe, commented: “We are pleased to report a strong quarter, marked by a 5% YoY increase in our own-produced sales volumes, driven by higher production and lower ending inventories, which led to a 22% and 1% increase in ammonia and urea own-produced sales volumes, respectively.”

“It is worth noting that these results were delivered in an environment of market volatility and softer prices in Q1, on lower crop and energy prices as well as reduced imports from India and Europe, coupled with an improved supply situation with recent curtailments being reversed,” El Hoshy stated.

In the 12-month period that ended on 31 December 2023, the ADX-listed company posted 72% YoY lower net profits at $505 million, compared to $1.82 billion.

Dividends

In April 2024, Fertiglobe’s shareholders approved a cash dividend of $200 million for the second half (H2) of 2023. This brought the total dividends for 2023 to $475 million, including the H1-23 dividend of $275 million paid in Q4-23.