ABU DHABI - Fertiglobe, the strategic partnership between ADNOC and OCI, today reported its Q1 2022 results, announcing that revenues for the first quarter increased 118% to $1.2 billion, while adjusted EBITDA grew 171% to $625 million compared to Q1 2021.

Adjusted net income in Q1 2022 was $361 million, increasing by 332% year-on-year, while free cash flow increased significantly to $521 million from $151 million in Q1 2021.

Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented, "We are pleased to report another quarter of solid performance, backed by our unique global positioning in cost-competitive production and industry-leading distribution capabilities. With strong Q1 results driven by increased selling prices across our product portfolio, we now expect H1 2022 dividends to be at least $700 million, up from our previous guidance of at least $200 million; given continued favourable market dynamics, the current outlook on volumes and prices, healthy cash conversion and our robust capital structure.

"We look forward to even better performance in Q2, as we benefit from strong in-season demand, the phasing of volumes from Q1 into Q2, and higher selling prices. The majority of volumes already committed for the second quarter. This provides good forward visibility and sets us up for a strong Q3 and Q4 as healthy farm economics support higher selling prices."

He added, "As a leading producer and the largest seaborne exporter of essential nitrogen fertiliser products globally, our team is focused on running our world-scale assets efficiently and utilising global supply chains to help address potential food security concerns.

In March, Fertiglobe was announced as a founding constituent of the FTSE Russell ADX 15 Index, representing the 15 largest and most liquid companies traded on the Abu Dhabi Securities Exchange.

Further, Fertiglobe continues to make good progress in capturing value accretive opportunities from emerging demand for clean ammonia.

The company has multiple initiatives to develop blue/green ammonia as a solution to decarbonise industries that make up around 90% of current global greenhouse gas emissions, capitalising on growth opportunities from emerging demand for clean ammonia.

Fertiglobe's dividend policy is to substantially distribute all of the company's distributable free cash flow after providing for growth opportunities, while maintaining an investment-grade credit profile.

In light of the continued favourable market dynamics and given its very healthy free cash generation, Fertiglobe raised its H1 2022 dividend guidance to at least $700 million, well ahead of previous guidance of at least $200 million. The exact dividend amount, payable in October 2022, will be announced with the Q2 results in August 2022.