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Fertiglobe, a joint venture between Abu Dhabi National Oil Company (ADNOC) and chemicals maker OCI, has more than doubled its revenue just months into going public.
The fertilizer maker, which debuted on the Abu Dhabi Securities Exchange (ADX) last October following a successful initial public offering (IPO), posted $1.2 billion in revenue for the first quarter of 2022, up by 118 percent compared to the same period last year.
Adjusted EBITDA went up 171 percent to $625 million, while adjusted net income surged 332 percent year-on-year to $361 million.
The company now expects dividend payment for the first half of 2022 to be at least $700 million, given the “favourable market dynamics and resulting cash flows”. The payout, which is more than triple the previous guidance of at least $200 million, is expected to be due in October this year.
Fertiglobe is the largest seaborne exporter of urea and ammonia in the world and the largest maker of nitrogen fertilizer in the Middle East and North Africa (MENA) region. It started trading on the ADX in October after raising more than $795 million in an IPO.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
