Fertiglobe's profits drop in 2024 due to gas shortages in Algeria, Egypt
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.
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