Fertiglobe, the strategic partnership between ADNOC and OCI Global, announced today that it achieved revenues during the first quarter of 2023 amounting to $ 694 million, and adjusted earnings before interest, taxes, depreciation and amortization amounted to $ 297 million, while the net amount reached Adjusted profit of $135 million, and cash flows of $271 million.
Fertiglobe achieved a 9% increase in the volume of sales produced by the company during this first quarter of 2023, as a result of its commitment to achieving the objectives of its disciplined commercial strategy, and its possession of a central distribution base that enables it to target basic demand centers that achieve attractive returns.
The markets witnessed an improvement with higher prices in some areas during the second quarter, while “Virtiglobe” enjoys a strong order record in the coming months. One million US dollars, equivalent to at least 11 fils per share, payable in October 2023, provided that the exact amount will be announced with the results of the second quarter of 2023 next August.
Ahmed Al Hoshi, CEO of Fertiglobe, said: “I am pleased to announce the results for the first quarter of 2023, and the outlook for the fundamentals of nitrogen fertilizer markets remains favorable in the medium and longer term, as the new production capacities that began during 2022 have been absorbed, and it is expected to remain Additions in new production capacities are limited during the next four years, and an improvement in agricultural demand is expected, thanks to strong farm economies.
He added, “We continue to implement several initiatives to enhance free cash flow, including the manufacturing improvement plan announced in the previous year to raise operating rates, and increase adjusted earnings before interest, tax, depreciation and amortization over the next 2 to 3 years. In addition to launching a program to improve cost efficiency and strengthen the cost structure with the aim of achieving savings of $50 million annually over the next 12 to 18 months and strengthening the company’s position within the first quarter of the global cost curve.
#million #revenue #Virtiglobe #quarter