Fertiglobe's profits drop in 2024 due to gas shortages in Algeria, Egypt
Abu Dhabi: The net profit attributable to shareholders of Fertiglobe recorded net income amounting to $159.90 million in 2024, marking a year-on-year (YoY) plunge from $348.90 million.
The revenues fell by 7% to $2 billion last year from $2.41 billion in 2023, according to the financial results.
Earnings per share attributable to the equityholders fell by 54% YoY to $0.01 from $0.04.
Total assets dropped by 5% to $4.41 billion as of 31 December 2024, compared to $4.62 billion in 2023.
Last year's financial performance was impacted by gas and power shortages in Algeria and Egypt, shipment deferrals to 2025, and the provisioning for potential changes in the Algerian gas pricing set-up.
In the fourth quarter (Q4) of 2024, Fertiglobe posted revenues of $466 million, adjusted EBITDA of $158 million, and adjusted net profit of $42 million.
The quarterly performance was impacted by planned turnarounds in Algeria and the strategic deferral of several shipments to early 2025 at higher prices.
Ahmed El Hoshy, CEO of Fertiglobe, said: 'With ADNOC transferring its stakes in three low-carbon ammonia projects to Fertiglobe, our consolidated net low-carbon ammonia capacity is set to reach 2.4 mtpa, subject to project FIDs.'.
Dividends for H2-2
El-Hoshy announced: 'In line with our disciplined capital allocation policy, Fertiglobe's board of directors proposed dividends of $125 million for H2 2024 (equivalent to 5.50 fils per share).
'This brings total dividends since the IPO [initial public offering] to $2.50 billion, implying one of the highest total return rates in the industry,' he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
4 days ago
- Web Release
Burjeel Holdings to Operate and Manage ADNOC's New State-of-the-art Das Hospital
Burjeel Holdings PLC, a leading super-specialty healthcare provider in the MENA region, listed on the Abu Dhabi Securities Exchange, has signed a contract to operate and manage ADNOC's Das Hospital at Das Island. This agreement supports ADNOC's commitment to strengthening emergency preparedness, improving healthcare accessibility, and promoting community wellbeing at Das Island. The new Das Hospital is designed to serve as the primary healthcare and emergency response hub for Das Island residents. With its advanced infrastructure and comprehensive range of services, the facility will provide round-the-clock care for ADNOC's workforce, residents, and emergency medical cases arising from nearby locations. Dr. Ghuwaya Al Neyadi, SVP, Group Medical & Wellbeing, ADNOC, said: 'Through this partnership with Burjeel Holdings, ADNOC's state-of-the-art Das Hospital will provide access to top-tier healthcare and emergency services for our employees, reinforcing our Energy for Wellbeing strategy. Our people are our most important asset and ADNOC will continue to prioritize their wellbeing and foster a healthy working environment.' Burjeel Holdings will oversee all clinical and administrative functions of the hospital. The facility includes a broad range of outpatient specialties—such as general surgery, internal medicine, family medicine, occupational health, ENT, dental, ophthalmology, and cardiac and pulmonary unit. It also houses a fully equipped emergency department with a minor operating room, licensed pharmacies, and a dedicated blood bank. John Sunil, Group CEO of Burjeel Holdings, said: 'We are proud to strengthen our partnership with ADNOC through the management of the new Das Hospital. This initiative reflects our continued commitment to extending advanced, high-quality healthcare to strategic and remote locations. Burjeel Holdings remains dedicated to clinical excellence, innovation, and agile operations in support of ADNOC's vision for a safer and healthier future.' Inpatient care is supported by 23 beds across male and female quarantine and critical care units, with the capability to manage both acute and chronic cases. The facility is further supported by advanced diagnostic imaging including X-ray, CT scan, and ultrasound, along with a dedicated physiotherapy and rehabilitation unit. Purpose-built for resilience and emergency responsiveness, the hospital includes a decontamination unit, ambulance bays, and a helipad to support medical evacuations from Das Island. Tele-consultation and tele-counselling services, vaccination programs, and health education initiatives will further enhance access and continuity of care. The Das Hospital builds upon the foundation of the former Das Medical Center, significantly enhancing healthcare provision on the island. With the integration of inpatient facilities, advanced diagnostic capabilities, and surgical services, the new hospital ushers in a new era of comprehensive, high-quality care for the Das community. It will also serve as the first responder for medical emergencies while supporting preventive and rehabilitative care aligned with ADNOC's occupational health guidelines. The new contract builds on Burjeel Holdings' long-standing partnership with ADNOC, which includes the successful operation and management of Al Dhannah Hospital, one of the largest healthcare facilities in the Al Dhafra region. The hospital will operate as part of an integrated care network, supported by the Group's advanced facilities, including its flagship unit, Burjeel Medical City. Burjeel Holdings' network is equipped with state-of-the-art medical technologies and specialized expertise to manage complex cases across a broad spectrum, including trauma, organ transplantation, women's health, pediatrics, orthopedics, spine surgery, and neurosciences, ensuring continuity of care from remote to tertiary-level settings.
Zawya
5 days ago
- Zawya
Burjeel Holdings to operate, manage ADNOC's Das Hospital
ABU DHABI - Burjeel Holdings has signed a contract to operate and manage ADNOC's Das Hospital at Das Island. This agreement supports ADNOC's commitment to strengthening emergency preparedness, improving healthcare accessibility, and promoting community wellbeing at Das Island. The new Das Hospital is designed to serve as the primary healthcare and emergency response hub for Das Island residents. With its advanced infrastructure and comprehensive range of services, the facility will provide round-the-clock care for ADNOC's workforce, residents, and emergency medical cases arising from nearby locations. Dr. Ghuwaya Al Neyadi, SVP, Group Medical & Wellbeing, ADNOC, said, 'Through this partnership with Burjeel Holdings, ADNOC's state-of-the-art Das Hospital will provide access to top-tier healthcare and emergency services for our employees, reinforcing our Energy for Wellbeing strategy. Our people are our most important asset and ADNOC will continue to prioritise their wellbeing and foster a healthy working environment." Burjeel Holdings will oversee all clinical and administrative functions of the hospital. The facility includes a broad range of outpatient specialties—such as general surgery, internal medicine, family medicine, occupational health, ENT, dental, ophthalmology, and cardiac and pulmonary unit. It also houses a fully equipped emergency department with a minor operating room, licensed pharmacies, and a dedicated blood bank. Inpatient care is supported by 23 beds across male and female quarantine and critical care units, with the capability to manage both acute and chronic cases. The facility is further supported by advanced diagnostic imaging including X-ray, CT scan, and ultrasound, along with a dedicated physiotherapy and rehabilitation unit.
Zawya
5 days ago
- Zawya
Burjeel Holdings to operate and manage ADNOC's new state-of-the-art Das Hospital
Abu Dhabi, UAE: Burjeel Holdings PLC, a leading super-specialty healthcare provider in the MENA region, listed on the Abu Dhabi Securities Exchange, has signed a contract to operate and manage ADNOC's Das Hospital at Das Island. This agreement supports ADNOC's commitment to strengthening emergency preparedness, improving healthcare accessibility, and promoting community wellbeing at Das Island. The new Das Hospital is designed to serve as the primary healthcare and emergency response hub for Das Island residents. With its advanced infrastructure and comprehensive range of services, the facility will provide round-the-clock care for ADNOC's workforce, residents, and emergency medical cases arising from nearby locations. Dr. Ghuwaya Al Neyadi, SVP, Group Medical & Wellbeing, ADNOC, said: 'Through this partnership with Burjeel Holdings, ADNOC's state-of-the-art Das Hospital will provide access to top-tier healthcare and emergency services for our employees, reinforcing our Energy for Wellbeing strategy. Our people are our most important asset and ADNOC will continue to prioritize their wellbeing and foster a healthy working environment." Burjeel Holdings will oversee all clinical and administrative functions of the hospital. The facility includes a broad range of outpatient specialties—such as general surgery, internal medicine, family medicine, occupational health, ENT, dental, ophthalmology, and cardiac and pulmonary unit. It also houses a fully equipped emergency department with a minor operating room, licensed pharmacies, and a dedicated blood bank. John Sunil, Group CEO of Burjeel Holdings, said: 'We are proud to strengthen our partnership with ADNOC through the management of the new Das Hospital. This initiative reflects our continued commitment to extending advanced, high-quality healthcare to strategic and remote locations. Burjeel Holdings remains dedicated to clinical excellence, innovation, and agile operations in support of ADNOC's vision for a safer and healthier future.' Inpatient care is supported by 23 beds across male and female quarantine and critical care units, with the capability to manage both acute and chronic cases. The facility is further supported by advanced diagnostic imaging including X-ray, CT scan, and ultrasound, along with a dedicated physiotherapy and rehabilitation unit. Purpose-built for resilience and emergency responsiveness, the hospital includes a decontamination unit, ambulance bays, and a helipad to support medical evacuations from Das Island. Tele-consultation and tele-counselling services, vaccination programs, and health education initiatives will further enhance access and continuity of care. The Das Hospital builds upon the foundation of the former Das Medical Center, significantly enhancing healthcare provision on the island. With the integration of inpatient facilities, advanced diagnostic capabilities, and surgical services, the new hospital ushers in a new era of comprehensive, high-quality care for the Das community. It will also serve as the first responder for medical emergencies while supporting preventive and rehabilitative care aligned with ADNOC's occupational health guidelines. The new contract builds on Burjeel Holdings' long-standing partnership with ADNOC, which includes the successful operation and management of Al Dhannah Hospital, one of the largest healthcare facilities in the Al Dhafra region. The hospital will operate as part of an integrated care network, supported by the Group's advanced facilities, including its flagship unit, Burjeel Medical City. Burjeel Holdings' network is equipped with state-of-the-art medical technologies and specialized expertise to manage complex cases across a broad spectrum, including trauma, organ transplantation, women's health, pediatrics, orthopedics, spine surgery, and neurosciences, ensuring continuity of care from remote to tertiary-level settings.
