Fertiglobe plc

The Board of Directors of Fertiglobe plc will pass a written resolution by circulation on Monday, 30 September 2024, at 6 PM UAE time. The resolution will consider and approve the distribution of interim cash dividends to the shareholders for the first half of the financial year 2024. The notification was addressed to the Market Operations & Surveillance section of the Abu Dhabi Securities Exchange and copied to the Securities and Commodities Authority.

On 24 September 2024, the Abu Dhabi Securities Exchange received a notification from Fertiglobe plc regarding a resolution passed by the company's Board of Directors on 23 September 2024. The resolution, issued at 6:00 PM, includes approval to call for a General Assembly meeting to consider amending the company's Articles of Association and electing a new Board of Directors. The General Assembly meeting will be scheduled two weeks after obtaining necessary regulatory approvals related to ADNOC’s acquisition of OCI’s majority shareholding in Fertiglobe, as announced on 15 December 2023.

The Board of Directors of Fertiglobe plc will issue a resolution by circulation at 6:00 PM on Monday, 23 September 2024. This resolution will call for a general assembly meeting of the company, contingent upon the completion of the OCI Global-ADNOC ownership change transaction as previously disclosed. The resolution will also set the date and agenda for the meeting.

The text refers to the "Quarterly Condensed Consolidated Interim Financial Statements" for the period ending 30 June 2024, which are unaudited.

On 31 July 2024, the Board of Directors of Fertiglobe plc held a meeting via video conference at 3:00 p.m. During the meeting, the Board approved the financial statements for the second quarter of the financial year 2024. Additionally, the Board reviewed recent developments related to the company's activities and projects. The communication was signed by Ms. Rita Guindy, Director of Investor Relations, and a copy was sent to the Securities and Commodities Authority.

Fertiglobe reported H1 2024 revenues of $1,048 million and adjusted EBITDA of $378 million. For Q2 2024, the company recorded revenues of $496 million and adjusted EBITDA of $156 million. Despite gas supply disruptions in Egypt, Q2 2024 own-produced sales volume fell by only 2% year-over-year, while H1 2024 sales volumes increased by 1% to 2.8 million tons, supported by record production in Egypt and Algeria. The Manufacturing Improvement Plan (MIP) is on track to achieve $100 million in additional annual EBITDA by the end of 2025. Fertiglobe has implemented $42 million of its $50 million cost optimization target. The company is focusing on growth projects, including the TA’ZIZ low carbon ammonia plant in the UAE and a renewable ammonia supply contract from Egypt. A proposal for H1 2024 dividends will be presented to the Board in September 2024, with payment expected in October 2024. Regulatory approvals for ADNOC’s acquisition of OCI’s 50% stake in Fertiglobe are progressing well, with the transaction expected to close in 2024. The outlook for ammonia and urea remains favorable in the short term and is supported by improving demand and limited supply additions in the medium to long term.

Fertiglobe reported Q2 2024 revenues of $496 million, a 10% decline year-over-year, with adjusted EBITDA of $156 million, down 29% year-over-year. For the first half of 2024, revenues were $1,048 million (-16% Y-o-Y) and adjusted EBITDA was $378 million (-27% Y-o-Y). Despite gas supply disruptions in Egypt, Q2 2024 own-produced sales volume fell by only 2% Y-o-Y, while H1 2024 volumes increased by 1% Y-o-Y to 2.8 million tons due to record production in Egypt and Algeria. The Manufacturing Improvement Plan (MIP) aims to achieve an additional $100 million in annual EBITDA by the end of 2025. Fertiglobe has implemented $42 million of its $50 million cost optimization target and continues to focus on growth projects with high returns. Significant steps in Q2 2024 include a Final Investment Decision (FID) on the TA’ZIZ low carbon ammonia plant in the UAE and winning a €397 million H2Global auction for renewable ammonia supply from Egypt. The short-term market outlook for ammonia and urea is favorable, with medium to long-term support from increasing demand and limited supply additions. A proposal for H1 2024 dividends will be presented in September 2024, with payment expected in October 2024. Regulatory approvals for ADNOC’s acquisition of OCI’s 50% stake in Fertiglobe are progressing well, with the transaction expected to close in 2024.

The Abu Dhabi Securities Exchange's Market Operations & Surveillance section has been informed that the Board of Directors of Fertiglobe plc will hold a virtual meeting on Wednesday, 31 July 2024, at 3:00 p.m. The agenda includes considering and approving the company’s financial statements for the second quarter of 2024 and discussing general matters related to the company's activities and projects. The notice was signed by Ms. Rita Guindy, Director of Investor Relations, and a copy was sent to the Securities and Commodities Authority.

Fertiglobe has been selected as the winning bidder in the H2Global pilot auction to supply renewable ammonia to Europe at a delivered price of €1,000 per ton until 2033. The contract, valued at up to €397 million, involves supplying renewable ammonia from Egypt, supported by the Egypt Green Hydrogen consortium. This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action, aims to support the production and supply of renewable hydrogen and ammonia. Fertiglobe's bid will help Europe enhance energy security and reduce emissions, aligning with broader efforts to decarbonize the energy market. The project is a significant step towards the Final Investment Decision (FID) on Egypt Green Hydrogen, expected in the first half of 2025.

Fertiglobe, in collaboration with TA’ZIZ, Mitsui & Co., Ltd., and GS Energy Corporation, has awarded a contract to Tecnimont S.p.A. to commence the construction of a 1 million ton per annum (mtpa) low-carbon ammonia facility in Al Ruwais Industrial City, Abu Dhabi. This project aims to strengthen Abu Dhabi's position in low-carbon fuels and meet the rising demand for low-carbon ammonia as a carrier fuel for clean hydrogen. The construction is set to begin in Q3 2024, with operations starting in 2027. A significant portion of the construction value is expected to benefit the UAE’s economy through ADNOC’s In-Country Value program. The facility is projected to produce ammonia with 50% lower carbon intensity initially, with further reductions planned through carbon capture and sequestration. In May 2024, ADNOC delivered the first certified bulk commercial shipment of low-carbon ammonia, produced by Fertiglobe, to Mitsui & Co., Ltd. for clean power generation in Japan.