Fertiglobe unveils green investments in Egypt

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Abu Dhabi – Fertiglobe posted an annual drop in net profit to $197 million during the first half (H1) of 2024, compared to $297.20 million.

The revenues hit $1.04 billion in H1-24, marking a decline from $1.24 billion in H1-23, according to the consolidated financial results. Meanwhile, the basic and diluted earnings per share (EPS) shrank to $0.01 from $0.02.

Total assets amounted to $4.47 billion as of 30 June 2024, lower than $4.62 billion at the end of December 2023.

Income Results for Q2-24

In the second quarter (Q2) of 2024, the ADX-listed company generated $42.60 million in net profit, down year-on-year (YoY) from $108.40 million.

Revenues shrank to $495.70 million in Q2-24 from $551.50 million in Q2-23, while the EPS retreated to $0.002 from $0.010.

Ahmed El Hoshy, CEO of Fertiglobe, commented: “Fertiglobe, in partnership with TA’ZIZ, GS Energy Corporation, and Mitsui & Company Limited has taken the Final Investment Decision (FID) on the TA’ZIZ 1 mtpa low carbon ammonia project and has awarded the construction contract to Tecnimont S.p.A, with production expected to start in 2027.”

“Fertiglobe will supply renewable ammonia out of Egypt into Europe, under a contract worth up to EUR 397 million and at a delivered price of EUR 1,000 per ton until 2033,” El Hoshy added.

He stated: “The agreement provides a framework for demand and pricing support, helping Fertiglobe and the consortium behind Egypt Green Hydrogen reach a Final Investment Decision (FID) on the first integrated green hydrogen plant in Africa, and the first outside of Europe, by H1-25.”

As of 31 March 2024, the net profits of Fertiglobe declined to $154.40 million from $188.80 million in Q1-23.