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FERTIGLOBE-
Fertiglobe’s bottom line dipped in 2023: UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers Fertiglobe reported a 72% y-o-y decline in adjusted net income after minorities to USD 363 mn, according to an earnings release (pdf). Revenues dipped 52% y-o-y to USD 2.4 bn.
For 4Q 2023: The company saw a 48% y-o-y drop in its adjusted net income to USD 102.5 mn in 4Q 2023, while revenues fell 39% y-o-y to USD 645.9 mn in 4Q 2023. On a quarterly basis, the company saw its net income jump 149% q-o-q, while revenues increased 23% q-o-q.
The quarterly boost was expected: The company stated last quarter that its short-term outlook was favourable given its strong order book. Fertiglobe attributed the jump in revenues to “higher sales volumes and increased ammonia prices driven by a higher gas price and tight markets due to supply disruptions.”
A look forward: Fertiglobe expects demand in the Northern Hemisphere to increase in the next season due to robust demand in other regions, including Brazil and Australia. Low stock levels in major importing regions, continued export restrictions from China, and supply chain disruptions in the Red Sea are expected to further boost prices.
TABREED-
Tabreed reported a 32% y-o-y drop in net income after minority interest to AED 426 mn in 2023, according to its financial statement (pdf). The company’s bottom line was affected by a “one-off, noncash accounting impact” from recognizing AED 359 mn in deferred tax liabilities on the back of the UAE’s new corporate tax, according to the earnings release (pdf). The company’s revenues for the year grew 9% y-o-y to AED 2.4 bn.
