Author: Tue, 2022-02-15 08:40
RIYADH: Abu Dhabi-based nitrogen fertilizer producer Fertiglobe has raised the dividend payout for shareholders to $340 million for the second half of 2022, following an increase in earnings last year.
A subsidiary of Abu Dhabi National Oil Company, or ADNOC, Fertiglobe recorded revenue of $3.31 billion in 2021, a 113 percent rise from 2020. The adjusted earnings in 2021 were up by 242 percent to $1.55 billion.
The adjusted net income of the company in 2021 is $737 million, up from $66 million a year ago.
Fertiglobe plays a crucial role in transitioning the globe to a cleaner hydrogen economy, it said in a statement.
It added ammonia has emerged as one of the most promising products to enable the energy transition.
“We are pleased that we can start returning capital to our shareholders through consistent semi-annual dividends and focus on growing our future cash flows through targeted investments in hydrogen and other growth opportunities,” Fertiglobe CEO Ahmed El-Hoshy said.
“Our current order book looks healthy into Q2-2022, and we expect H1-2022 to be strong, driven by attractive farm economics, strong demand in our ammonia end markets, and our globally competitive position,” he added.
The company is a strategic partnership between ADNOC and Dutch fertilizer giant OCI, with ownership stakes of 42 percent and 58 percent respectively.
Main category: Business & EconomyTags: FertiglobeAbu DhabiADNOC Abu Dhabi’s ADNOC Drilling Co. net profit up 6.1% in 2021Abu Dhabi’s ADNOC announce a new offshore gas find