Fertiglobe, the strategic partnership between ADNOC and OCI, the global seaborne exporter of urea and ammonia combined, today reported that its full-year 2022 revenue increased to $5 billion or by 52 percent compared to 2021, while adjusted EBITDA was up 59 percent to $2.5 billion, and adjusted net profit increased 75 percent to $1.3 billion.
According to the report, Q4 2022 revenues declined 11 percent year-on-year to $1.1 billion, while adjusted EBITDA was 27 percent lower at $472 million, driven by lower urea prices and plant turnarounds in the UAE and Egypt during the quarter.
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Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented: “We continue to bear the fruits of our centralized commercial strategy and focus on operational excellence, as well as our sustainability-focused projects and initiatives. We have successfully and safely completed several turnarounds across our plants in 2022, including in Q4 in the UAE and Egypt, and do not have further turnarounds planned at these facilities in 2023.”
Dividends and capital structure
Fertiglobe announced H2 2022 dividends in line with previous guidance, at $700 million or the equivalent of 0.31 dirhams per share, payable in April 2023. During the calendar year 2022, Fertiglobe paid cash dividends of $1.1 billion.
Strong earnings and cash generation during the year resulted in a net cash position of $287 million as of 31 December 2022 (0.1x net cash / adjusted EBITDA), compared to net debt of $487 million as of 31 December 2021 (0.3x net debt / adjusted EBITDA), supporting future growth opportunities and an attractive dividend payout.
On 22 December 2022, Fertiglobe refinanced its existing bridge loan facility with a new three-year facility amounting to $300 million with a margin of 1.5 percent and a new five-year facility amounting to $600 million with a margin of 1.75 percent. In addition, the company increased the capacity of its existing Revolving Credit Facility (RCF) by $300 million to reach $600 million and extended the maturity to December 2027 (from August 2026), providing ample liquidity.
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