PHOTO
Abu Dhabi-based Fertiglobe, the largest nitrogen fertilizer producer in the Middle East and North Africa (MENA), saw its Q2 2023 attributable net profit plunge to $79.2 million from $429.4 million in the year-ago period as lower selling prices and volumes weighed.
The effort, however, beat analysts’ mean estimate of $55.67 million as compiled by Refinitiv.
The fertilizer company, a joint venture between state energy firm ADNOC and Dutch chemical producer OCI, said nitrogen prices have begun rebounding into Q3, underpinned by demand recovery, record low inventories and very tight supply.
In a statement to ADX on Wednesday it said that revenue for the period fell to $551.5 million from $1.47 billion.
In line with guidance, Fertiglobe has proposed H1 2023 dividends of at least $250 million, subject to board approval.
For H2 2023, the net profit fell to $214.9 million versus $786 million in the prior-year period.
(Reporting by Brinda Darasha; editing by Seban Scaria)