Sign in
Another dip for Fertiglobe in 1Q: UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers Fertiglobe has reported a 11.9% y-o-y decline in adjusted net income in 1Q 2024 to USD 119 mn, according to an earnings release (pdf). The company’s revenues also dipped 20% y-o-y to USD 552 bn, with decreasing crop and energy prices and reduced imports from India and Europe impacting performance.
Quarterly results didn’t fare any better: Fertiglobe saw a 16.1% q-o-q drop in its net income compared to USD 102.5 mn in 4Q 2023, while its revenues also dipped 14.5% q-o-q compared to USD 645.9 mn in the quarter before.
But the outlook is hopeful: Fertiglobe saw a successful quarter with sales volumes up 5% y-o-y driven by increased production and efficient inventory management, leading to a 22% and 1% increase in ammonia and urea sales respectively, the statement added. Adnoc’s acquisition of OCI’s 50% stake in Fertiglobe, set to be completed this year, is expected to drive the company’s growth into new markets.
ICYMI- Fertiglobe has cut its energy intensity: Fertiglobe achieved a nearly 3% reduction in energy intensity in 2023 compared to 2022 despite a production increase. This improvement, along with purchasing renewable energy certificates for all their Egyptian and UAE facilities, marking 63% of the company’s overall purchased electricity, helped cut Scope 2 emissions by an estimated 190k tonnes of CO2 equivalent.
TABREED-
District cooling firm Tabreed’s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024 on the back of one-off gains in the same period last year,according to its earnings release (pdf). Tabreed posted AED 122 mn in net income before tax, marking a 4% y-o-y rise during the quarter. The district cooling company’s revenues remained relatively flat in 1Q at AED 468 mn, up 0.8% y-o-y from the AED 464 mn reported during the same period last year.
MA’ADEN-
Saudi mining giant Ma’aden more than doubled their bottomline y-o-y to SAR 981.7 mn in 1Q 2024mainly on the back of higher sales and lower costs of raw materials, it said in its earnings release (pdf). Revenues were down 8.7% y-o-y during the quarter to SAR 7.4 bn due to lower commodity prices except for gold and alumina.
It was a busy quarter: Some of Ma’aden’s key highlights during the quarter were the start of full operations at the Kingdom’s largest gold mine, Mansourah Massarah, with an annual production capacity of 250k ounces of gold. The company also focused on drilling for new gold finds in Uruq south of its gold mine. It also unveiled with California-based solar startup GlassPoint building the world’s largest industrial solar thermal project in Ras Al Kheir to decarbonize the company’s aluminum supply chain. The first phase of the project could supply nine tons of steam per hour.
And since then: Manara Minerals — a JV between Ma’aden and the PIF — completed earlier this month the acquisition of a 10% stake in Brazilian miner Vale Base Metals. Manara is 51% owned by Ma’aden, and 49% owned by PIF. The transaction is worth an estimated USD 2.6 bn, based on a USD 26 bn enterprise value the Brazilian mining giant had previously disclosed. Ma’aden also completed a SAR 5.6 bn transaction earlier in May which saw it up its stake in Ma’aden Wa’ad Al Shamal Phosphate — its JV with the Mosaic Company and Sabic — to 85% after it purchased Mosaic’s entire 25% stake.
