Abu Dhabi – Mubasher: Fertiglobe posted lower net profits at $177.70 million in the first nine months (9M) of 2024, compared to $366.440 million in 9M-23.
The revenues amounted to $1.45 billion as of 30 September 2024, down year-on-year (YoY) from $1.77 billion, according to the financial results.
Basic and diluted earnings per share (EPS) declined to AED 0.01 in 9M-24 from AED 0.03 a year earlier.
Financials for Q3-24
In the third quarter (Q3) of 2024, the UAE-based company suffered net losses valued at $19.30 million, compared to net profits amounting to $69.20 million in the year-ago period.
Revenues shrank to $495.60 million in Q3-24 from $525.10 million in Q3-23. The loss per share hit $0.001 when compared with a profit per share of $0.005.
Ahmed El Hoshy, CEO of Fertiglobe, commented: “Following ADNOC’s recent acquisition of a majority stake in Fertiglobe, we are excited to announce that ADNOC will transfer its 35% equity interest in the Baytown Texas low-carbon ammonia project in the US, along with the two low-carbon ammonia UAE projects, to Fertiglobe, positioning us as the world’s largest low-carbon ammonia producer by 2029.”
“ADNOC's stakes in the three projects will be transferred to Fertiglobe at cost and when ready for start-up, leading to an immediate contribution to earnings upon transfer, concurrent with any funding requirements, improving project returns and preserving the company’s balance sheet during the development and construction phase,” El Hoshy added.
He underlined: “The addition of the US project to Fertiglobe's portfolio, subject to its expected FID in 2025, represents a major milestone, as it transforms us into a low-carbon ammonia growth platform with global reach and the ability to advantageously serve emerging demand centres across all locations.”
