Manufacturing Fertiglobe logs net loss, weeks after Adnoc buys stake By Chris Hamill-Stewart November 11, 2024, 2:25 PM Unsplash+/Getty Images Fertiglobe dropped to a loss in Q3 after its own-produced sales volumes fell Fertiglobe Q3 loss of $10.4m Shutdowns hit sales by 7% Acquired by Adnoc in October Fertiliser maker Fertiglobe has reported a net loss of $10.4 million for the third quarter of 2024 – a sharp drop from the $39.6 million profit generated in the same period last year. The Abu Dhabi company’s revenue in Q3 2024 fell to $495.6 million versus $525 million in Q3 2023. Analysts had estimated a net profit of $30.63 million, according to London Stock Exchange Group data. In October Abu Dhabi state oil company Adnoc acquired a majority stake in Fertiglobe for $3.62 billion. Since then, Fertiglobe has said Adnoc will transfer its 35 percent equity interest in the Baytown, Texas, low-carbon ammonia project in the US, along with two UAE-based low-carbon ammonia projects, to Fertiglobe. Fertiglobe’s Q3 2024 own-produced sales volume fell 7 percent year on year, driven by planned and unplanned shutdowns. “Looking ahead, the impact of such fluctuations should be reduced, supported by improving energy efficiency levels at our facilities in Egypt, as well as the commissioning of a new boiler in Algeria, materially limiting our reliance on the external power grid,” Fertiglobe CEO Ahmed El-Hoshy said. The company has paid $2.42 billion in dividends since its initial public offering in 2021. Adnoc Drilling JV M&A war chest to rise to $2bn Revenues of six Adnoc subsidiaries reach $24bn Adnoc signs 15-year supply deal for Ruwais LNG Fertiglobe says it is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. The company’s CEO has said he expected Fertiglobe to be the world’s largest producer of low-carbon ammonia by 2029, thanks in large part to the two projects in the UAE. “Leveraging our strategic industry positioning and Adnoc’s integrated energy ecosystem, we are well placed to unlock the full potential of our product portfolio globally, while continuing to balance disciplined growth with dividend distribution to maximise shareholder value,” El-Hoshy said. Fertiglobe is listed on the Abu Dhabi stock exchange and its share price has fallen by 13 percent to AED2.67 since January.
