RIYADH: Abu Dhabi-based chemicals maker Fertiglobe posted strong second-quarter earnings, propelling a dividend raise to $750 million for the first half of the year.
The joint venture between Abu Dhabi National Oil Co. and Netherlands-headquartered OCI made revenues of $1.5 billion in the second quarter, up 105 percent from the same period last year, according to a statement.
This was coupled with a net profit jump of 270 percent to $438 million in the second quarter.
“Q2 2022 marks another quarter of solid performance, driven by a favorable price backdrop supported by strong in-season demand, tight market balances, and elevated gas prices in Europe, as well as higher sales volumes due to a phasing of some shipments from Q1 2022 to this quarter,” said Ahmed El-Hoshy, CEO of Fertiglobe.
“We are pleased to announce an H1-2022 dividend of $750 million driven by strong earnings, healthy cash conversion, and our robust capital structure,” he added.