Industry Fertiglobe profit drops as topline falls 17% in 2024 By Pramod Kumar February 10, 2025, 12:22 PM Reuters/Bernadett Szabo Fertiglobe, Mena's largest nitrogen fertiliser producer, expects market fundamentals for nitrogen to remain firm in the near term 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 the fourth quarter fell 28 percent year on year to $466 million, while net profit attributable to shareholders plunged 58 percent annually to $40 million, the company said. The quarterly performance was impacted by turnarounds in Algeria and a deferral of several shipments to early 2025 to achieve higher prices, Fertiglobe said. Fertiglobe’s share price was trading at AED2.36 in early trading on February 10, a decline of nearly 3 percent since last week. The company’s board has proposed dividends of $125 million for the second half 2024, which will take total dividends since flotation on the bourse to $2.5 billion. Fertiglobe logs net loss, weeks after Adnoc buys stake Fertiglobe to supply renewable ammonia to Europe Abu Dhabi’s Fertiglobe revenue hit by lower sales The company said it expects market fundamentals for nitrogen to remain firm in the near term, supported by elevated energy prices and globally tight supply during the spring season. Last month Fertiglobe said it will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. Fertiglobe is now headquartered in Abu Dhabi and employs more than 2,700 people. It was formed as a strategic partnership between OCI Global, a Dutch producer and distributor of nitrogen, methanol and hydrogen products, and state-run Abu Dhabi National Oil Company (Adnoc).
