The company said earnings were hit by lower selling prices across the industry in the first quarter due to continued declines in gas prices in Europe as well as demand delays in many key regions, mainly due to weather conditions, in addition to the delay of 100,000 tons of urea shipments to Ethiopia, with an estimated EBITDA of $35 million.
Despite the decline in prices during the first quarter of 2023, Fertiglobe achieved a 9% growth in the volume of sales produced by the company during this quarter, thanks to the company’s commitment to achieve the objectives of its disciplined business strategy and its possession of a central distribution base that enables it to target key demand centers that generate attractive returns.
Markets improved with prices rising in some regions in the second quarter while Fertiglobe has a strong order book in the months ahead.
In line with its ongoing commitment to creating and enhancing shareholder value, Fertiglobe intends to distribute in the first half of 2023 dividends of at least $250 million, equivalent to at least 11 fils per share, payable in October 2023, provided that the exact amount will be announced with the Q2 2023 results in August 2023.
Regarding the company’s operations, “Vertiglobe” announced the production of green ammonia according to specifications at its facilities in Egypt, following the operation of the first phase of the green hydrogen project in Ain Sukhna, in Egypt, during the “COP27” climate conference in the fourth quarter of 2022, and the company plans to increase the tariffs Production throughout the year, and aims to make the final investment decision on the integrated project with a capacity of 100 megawatts in the year 2023.
When all phases are completed, the project will produce up to 15,000 tons of green hydrogen as the main raw material for the manufacture of up to 90,000 tons of green ammonia per year in Fertiglobe’s ammonia plants.
The company said these projects and initiatives help confirm its commitment to take concrete steps to reduce the environmental impact of its operations and of sectors whose emissions are difficult to limit, including the energy and transport sectors. .
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