Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, has reported a drop in its third-quarter net profit amid a slump in fertiliser demand, although it expects to benefit from a rise in nitrogen prices in the fourth quarter.
Net profit attributable to owners of the company for the three months to the end of September stood at $39.5 million, compared with $291.6 million in the same period a year ago, Fertiglobe said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue during the third quarter also fell to $525.1 million, from $1.3 billion during the same period last year.
“We saw nitrogen prices maintain their positive momentum in the third quarter, driven by tightening markets on planned and unplanned supply disruptions, restocking demand, as well as expectations of reduced exports from China,” said Fertiglobe chief executive Ahmed El Hoshy.
“Nitrogen prices have increased significantly from their troughs in the second and third quarters, and we expect the benefits from these increases to materialise in the fourth quarter.”
Fertiglobe is looking at “organic and inorganic” opportunities to grow its business, while continuing to reduce costs, Mr El Hoshy told The National in a post-earnings interview.
“If we do buy something, [we want to] buy it at lower multiples, so that we can have an immediately accretive transaction,” Mr El Hoshy said.
“We're constantly looking for ways to leverage existing infrastructure to bring low carbon products at a good value and good return to Fertiglobe. We're not looking at greenfield [projects]; we're looking at brownfields.”
Fertiglobe, which is “on track” to achieve annual run-rate savings of $50 million by the end of 2024, can push for a higher cost-cutting target as it centralises its operations, Mr El Hoshy said.
“Egypt is a great potential area where we can reduce costs because there's been a [devaluation of the] currency there, and we are a dollar-based company, so we can really get some strong resources on an attractive basis,” he said.
The company's net profit in the first nine months of the year fell to $254.4 million, from $1.08 billion in the same period a year earlier.
Revenue during the period dropped to $1.77 billion, from $3.97 billion last year.
Fertiglobe said it approved a dividend of $275 million for the first half of 2023, which will be payable in the “next few weeks”.
The company, a joint venture between Adnoc and the Netherlands-listed OCI, produces 6.7 million tonnes of urea and ammonia annually at four units in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilisers in the Mena region.
Nitrogen fertiliser prices are linked to the price of natural gas.
European natural gas prices, which increased after Russia invaded Ukraine last year, were trading at €44.83 ($48.02) per megawatt hour on Tuesday after rising to a high of €345 a megawatt hour last year in March following Russia's invasion of Ukraine.
“The short-term outlook is further underpinned by a strong order book for ammonia and urea sales in the [fourth quarter],” Mr El Hoshy said.
“In the medium to longer term, the nitrogen outlook remains favourable, with limited incremental supply additions over the next several years, healthy farm economics and elevated energy prices raising marginal cost floors, particularly going into the winter season,” he said.
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The specs
- Engine: 3.9-litre twin-turbo V8
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Killing of Qassem Suleimani
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Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Benefits of first-time home buyers' scheme
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6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
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7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
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9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
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Name: Hassan Mohsen Elhais
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
SPEC SHEET
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I Feel Pretty
Dir: Abby Kohn/Mark Silverstein
Starring: Amy Schumer, Michelle Williams, Emily Ratajkowski, Rory Scovel
UAE currency: the story behind the money in your pockets
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Killing of Qassem Suleimani
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
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How to avoid crypto fraud
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
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