Company Insights Fertiglobe Industry Latest Fertiglobe DevelopmentsAI Insights Fertiglobe reported a 16 percent drop in revenues to $1.05 billion in the first half of 2024 from $1.24 billion a year earlier because of lower sales. The net profit attributable to owners fell by 39 percent year on year to $131 million. Gas supply disruptions in Egypt affected sales volumes, which fell by 2 percent year on year, though they rose 1 percent to 2.8 million tonnes in the first half1. The company plans to invest $1 billion to expand its blue ammonia capacity if it secures contracts from Japan and South Korea2. Adnoc increased its stake in Fertiglobe to 86.2 percent after acquiring OCI Global's share3. Fertiglobe's net profit in 2024 fell to $160 million from $349 million in 2023. Year-on-year revenue dropped 17 percent to $2 billion. Fertiglobe deferred shipments to early 2025 to seek better prices4. Gas shortages in Egypt and Algeria led Fertiglobe to defer shipments to achieve better prices, while urea prices rose almost 25 percent this year5. Fertiglobe Overview Majority-owned by Abu Dhabi’s Adnoc, Fertiglobe produces a number of fertiliser and related products: granular urea, merchant ammonia, renewable and low-carbon ammonia and diesel exhaust fluid. Fertiglobe was formed as a strategic partnership between chemicals companies OCI Global and Fertil in September 2019. Dutch company OCI Global’s Middle East and North African business had developed from 2005, composed of stakes in two Egyptian and one Algerian nitrogen-based fertiliser businesses, namely Ebic, Egyptian Fertilizers Company and Sorfert Algérie. Fertil was established in 1980 as a joint venture between Adnoc and Total, and initially produced urea and ammonia. Adnoc acquired Total’s stake in 2018. In 2021, Fertiglobe went public on Abu Dhabi’s ADX exchange. In 2023, Adnoc paid $3.62 billion for OCI Global’s 50 per cent stake in Fertiglobe, and by the following year it had become the majority shareholder. Fertiglobe News Industry Fertiglobe revenue rises by a quarter but profit down Fertiglobe said revenues surged more than a quarter in the first three months of 2025, thanks to higher sales volumes and urea prices. The first quarter top line rose 26 percent year on year to $695 million. However, net profit attributable fell 24 percent annually to $73 million but rose 74 percent quarter on quarter, […] May 14, 2025 Manufacturing Fertiglobe buys Australia’s Wengfu fertiliser company Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […] May 12, 2025 Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025 Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 7, 2025 editor's insight Petrochemicals Adnoc’s big bet on petrochemicals Pay attention at the back. Earlier this week Abu Dhabi-listed Fertiglobe reported net profits of $160m for 2024, down by more than half on 2023 because of lower revenues. Meanwhile, net earnings at Borouge, another of Abu Dhabi’s listed petrochemicals ventures, jumped by nearly a quarter year-on-year to $1.2 billion. Borouge reported record production and sales. What […] February 14, 2025 Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025 Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025 Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024 Opinion Markets UAE and Saudi capital market reforms are bearing fruit Inbound capital flows were thin on the ground outside traditional sectors November 27, 2024 Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024 Posts navigation 1 2 … 4 Next
Industry Fertiglobe revenue rises by a quarter but profit down Fertiglobe said revenues surged more than a quarter in the first three months of 2025, thanks to higher sales volumes and urea prices. The first quarter top line rose 26 percent year on year to $695 million. However, net profit attributable fell 24 percent annually to $73 million but rose 74 percent quarter on quarter, […] May 14, 2025
Manufacturing Fertiglobe buys Australia’s Wengfu fertiliser company Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […] May 12, 2025
Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025
Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 7, 2025
editor's insight Petrochemicals Adnoc’s big bet on petrochemicals Pay attention at the back. Earlier this week Abu Dhabi-listed Fertiglobe reported net profits of $160m for 2024, down by more than half on 2023 because of lower revenues. Meanwhile, net earnings at Borouge, another of Abu Dhabi’s listed petrochemicals ventures, jumped by nearly a quarter year-on-year to $1.2 billion. Borouge reported record production and sales. What […] February 14, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Opinion Markets UAE and Saudi capital market reforms are bearing fruit Inbound capital flows were thin on the ground outside traditional sectors November 27, 2024
Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024
