Fertiglobe said on Monday its Q3 2021 revenues increased 175 percent to $867 million and adjusted EBITDA increased 257 percent to $371 million in Q3 2021 as compared to Q3 2020.
The company, a joint venture between ADNOC and chemicals producer OCI, said it has increased its dividend guidance from at least $200 million to at least $240 million for the second half of 2021.
The dividend is payable in April 2022, with the final number to be determined in February 2022.
Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, said the company expected “strong earnings momentum” to continue with significantly higher EBITDA in Q4 2021 compared to Q3, driven by increasing ammonia and urea prices, which show a structural shift to a demand-driven market environment for nitrogen products over the medium term.
The company said it has made progress in its efforts to capture growth opportunities within clean ammonia and the emerging hydrogen economy.
A 70,000 metric ton scale-up of blue ammonia capacity through a low-cost debottlenecking program in Abu Dhabi and sales of blue ammonia from the UAE to customers in Japan in partnership with ADNOC were recently announced.
In addition, Fertiglobe will join ADNOC and ADQ as a partner in a new world-scale 1 million metric tons per annum blue ammonia project at TA’ZIZ in Ruwais.
Fertiglobe has also entered agreed with Scatec ASA and the Sovereign Fund of Egypt (TSFE) to jointly develop an electrolyzer facility of up to 100MW to produce green hydrogen as feedstock for the production of up to 90,000 metric tons of additional green ammonia.