Fertiglobe plc

Fertiglobe announced Q1 2024 revenues of $552 million, down 20% from the previous year, and an adjusted EBITDA of $223 million, a 25% decrease year-on-year. The company's own-produced sales volume increased by 5% year-on-year, due to higher production and lower ending inventories. Fertiglobe is implementing a Manufacturing Improvement Plan, expected to generate at least $100 million in incremental annual adjusted EBITDA by the end of 2025. The company has also implemented $29 million of run rate savings by the end of Q1 2024 and aims to achieve a $50 million cost optimization target by the end of 2024. ADNOC's acquisition of OCI's majority 50% stake in Fertiglobe is expected to be completed in 2024, subject to regulatory approvals. Fertiglobe plans to enhance its operations through AI and predictive analytics. The company's shareholders have approved H2 2023 dividends of $200 million, with total 2023 dividends amounting to $475 million.

The text refers to the unaudited condensed consolidated interim financial statements for the quarter ending on 31 March 2024.

The Board of Directors for Fertiglobe plc held a meeting on 13 May 2024, where they approved the company's financial statements for the first quarter of the financial year 2024. The meeting was conducted via video conference. Additionally, the board also reviewed recent developments related to the company's activities and projects. The information was shared by Ms. Rita Guindy, the Director of Investor Relations. A copy of the information was also sent to the Securities and Commodities Authority.

Fertiglobe reported Q1 2024 revenues of $552 million, an adjusted EBITDA of $223 million, and an adjusted net profit of $119 million. The company saw a 5% YoY increase in its own-produced sales volume, primarily driven by a 22% rise in own-produced ammonia sales volumes and a 1% increase in own-produced urea sales volumes. The Manufacturing Improvement Plan is expected to realize at least $100 million in incremental annual adjusted EBITDA by the end of 2025. Fertiglobe is also on track to achieve its $50 million cost optimization target by the end of 2024. The company's shareholders have approved H2 2023 dividends of $200 million. Fertiglobe is also investing in AI to enhance efficiencies and operational safety. The acquisition of OCI's majority 50% stake in Fertiglobe by ADNOC is expected to be completed in 2024, which will support Fertiglobe’s growth strategy.

The Board of Directors of Fertiglobe plc will hold a virtual meeting on Monday 13 May 2024 at 3:30 p.m. The agenda of the meeting includes the approval of the company's financial statements for the first quarter of the financial year 2024 and the discussion of general matters related to the company's activities and projects. The information was disclosed by Ms. Rita Guindy, the Director of Investor Relations. A copy of the notice was sent to the Securities and Commodities Authority.

Fertiglobe Plc held its Annual General Assembly Meeting on 30 April 2024, chaired by H.E. Dr. Sultan Ahmed Al Jaber. The meeting had a quorum of 89.32% and took place at the company's head office in Abu Dhabi, with virtual attendance permitted. The assembly approved the Board of Directors' report, the external auditor's report, the standalone audited financial statements, and the consolidated audited financial statements for the financial year ended 31 December 2023. The recommendation for a cash dividend distribution of USD 200 million for the second half of the financial year was approved, bringing the total cash dividend for 2023 to USD 475 million. The payment of AED 9.71 million to the Board of Directors was also approved. The Board of Directors and auditors were discharged from liability for their 2023 activities. PriceWaterhouseCoopers was appointed as the external auditors for 2024, with a remuneration of USD 1,289,605 plus VAT.

Fertiglobe's shareholders have approved a H2 2023 cash dividend of $200 million, bringing the total 2023 dividend payout to $475 million. The firm's strong financial performance in 2023 was supported by a 5% increase in sales volumes and $25 million in savings. In December 2023, ADNOC announced plans to acquire OCI Global's majority stake in Fertiglobe, which would increase ADNOC's total ownership to 86.2%. This acquisition, subject to approvals expected in 2024, would support Fertiglobe's growth plans and focus on clean ammonia. Since its IPO, Fertiglobe has returned $2,265 million to shareholders.

The Fertiglobe Sustainability Report highlights the company's commitment to creating sustainable value for stakeholders through various strategies. Fertiglobe is a global leader in developing sustainable solutions for food security and low-carbon energy sources. The report, a part of the Fertiglobe 2023 Integrated Annual Report, covers areas such as sustainable growth, operations, product stewardship, social value, and responsible business practices. Further details can be found on the company's website.