PHOTO
Abu Dhabi-based Fertiglobe, the largest nitrogen fertilizer producer in the Middle East and North Africa (MENA), pivoted to a net loss of $10.4 million in Q3 2024 from a net profit of $39.5 million in the year-ago period.
Analysts had estimated a net profit of $30.63 million, according to LSEG data.
Revenue fell to $495.6 million versus $525 million in Q3 2023.
In October, state energy major Abu Dhabi National Oil Company (ADNOC) acquired a majority stake in Fertiglobe for $3.62 billion, buying the 50% stake previously held by Netherlands-based OCI Global in the joint venture.
Fertiglobe said ADNOC will transfer its 35% equity interest in the Baytown Texas low-carbon ammonia project in the US, along with the two ammonia UAE projects to Fertiglobe.
ADNOC's stakes in the three projects will be transferred to Fertiglobe at cost.
(Writing by Brinda Darasha; editing by Seban Scaria)
