Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, reported a slide in its fourth-quarter net profit as its revenue slumped on a drop in nitrogen product prices.
Net profit attributable to owners of the company for the three months to the end of December stood at $94.5 million, compared with $171.9 million in the same period a year earlier, Fertiglobe said in a filing on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue in the quarter fell about 39 per cent year-on-year to $645.9 million.
Fertiglobe will pay a dividend of $200 million for the second half of 2023, depending on shareholder approval.
Total dividends paid for last year will reach $475 million, including $275 million already paid in the final quarter of 2023, the company said.
“Looking ahead, the company’s strategy is to continue balancing dividend payments with selective investment in value accretive growth projects, supported by healthy free cash flow conversion and a robust balance sheet,” said Ahmed El Hoshy, chief executive of Fertiglobe.
The company said it achieved $25 million of run-rate savings as at the end of 2023 and that it was “on track” to realise its $50 million target by the end of the current year.
Fertiglobe's full-year net profit fell 72 per cent to $348.9 million, while revenue more than halved to $2.42 billion.
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.
In December, Adnoc agreed to purchase OCI Global’s entire stake in Fertiglobe for $3.62 billion.
The deal, which is expected to close this year, will make Adnoc the majority shareholder in Fertiglobe, increasing its shareholding to 86.2 per cent, with 13.8 per cent remaining in free float on the ADX.
“The deal … will enable Fertiglobe to further leverage Adnoc's resources, expertise, and network to pursue new growth opportunities, especially in the emerging markets of clean ammonia and blue hydrogen,” Mr El Hoshy said.
“Our priorities will be to continue to unlock potential in our core products of urea and ammonia.”
In 2023, the Urea Egypt benchmark was 49 per cent lower year-on-year at an average price of $386 per metric tonne, while the Ammonia Middle East benchmark was down 58 per cent at an average price of $415 per metric tonne, Fertiglobe said.
Fertiliser prices are linked to the prices of key feedstocks such as natural gas and coal.
Dutch Title Transfer Facility gas futures, the benchmark European contract, surged to a record high of €345 ($369.24) a megawatt hour following Russia’s invasion of Ukraine in 2022.
Prices fell significantly in 2023 on high gas stockpiles in Europe and growing imports of liquefied natural gas on the continent.
Fertiglobe said the medium- to long-term outlook for nitrogen markets would continue to be supported by limited capacity additions and healthy demand growth.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
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Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
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Fight card
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Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
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Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
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sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
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This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
