Fertiglobe reports strong Q3 2021 performance
ABU DHABI, 8th November, 2021 – Fertiglobe today reported that its Q3 2021 revenues increased 175 percent to $867 million and adjusted EBITDA increased 257 percent to $371 million in Q3 2021 as compared to Q3 2020.
Thanks to strong earnings momentum, Fertiglobe – a strategic partnership between ADNOC and OCI headquartered in Abu Dhabi, announced that it has increased its dividend guidance from at least $200 million to at least $240 million for H2 2021, payable in April 2022, with the final number to be determined in February 2022.
Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented, “Fertiglobe’s first quarterly results following the IPO were robust, reinforcing the company’s great potential.
We expect this strong earnings momentum to continue with significantly higher EBITDA in Q4 2021 compared to Q3, driven by increasing ammonia and urea prices, exemplifying the structural shift to a demand-driven market environment for nitrogen products over the medium term.
Fertiglobe made good progress in its efforts to capture growth opportunities within clean ammonia and the emerging hydrogen economy.
A 70,000 metric ton scale-up of blue ammonia capacity through a low-cost debottlenecking programme in Abu Dhabi, and sales of blue ammonia from the UAE to customers in Japan in partnership with ADNOC were recently announced.
In addition, Fertiglobe will join ADNOC and ADQ as a partner in a new world-scale 1 million metric tonnes per annum blue ammonia project at TA’ZIZ in Ruwais.
Fertiglobe reached another milestone as it entered into an agreement with Scatec ASA (OSE: SCATC) and the Sovereign Fund of Egypt (TSFE) to jointly develop an electrolyzer facility of up to 100MW to produce green hydrogen as feedstock for production of up to 90,000 metric tonnes of additional green ammonia.