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The management of Abu Dhabi-based Fertiglobe has indicated that the company now expects to pay a cash dividend of at least $700 million, payable in October 2022, compared to previous guidance of at least $200 million.
Fertiglobe's stock jumped nearly 2 percent to 5.5 dirhams on Abu Dhabi Securities Market in early trade on Tuesday morning.
In Q1 2022, revenues more than doubled year-on-year to $1.2 billion, the company said in a bourse filing on Tuesday.
Meanwhile, the company’s shareholders ratified the board’s resolution to distribute the company’s first post-IPO cash dividend for the six months ended December 31, 2021, amounting to $340 million, or 15 fils per share.
This is also well ahead of the company’s original guidance of at least $240 million,
Fertiglobe’s revenues more than doubled in 2021, while adjusted EBITDA soared to $1.6 billion during the same period, leading to a free cash flow of $1.2 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
