Fertiglobe plc

The Abu Dhabi Securities Exchange's Market Operations & Surveillance section has been informed that the Board of Directors of Fertiglobe plc will hold a virtual meeting on Wednesday, 31 July 2024, at 3:00 p.m. The agenda includes considering and approving the company’s financial statements for the second quarter of 2024 and discussing general matters related to the company's activities and projects. The notice was signed by Ms. Rita Guindy, Director of Investor Relations, and a copy was sent to the Securities and Commodities Authority.

Fertiglobe has been selected as the winning bidder in the H2Global pilot auction to supply renewable ammonia to Europe at a delivered price of €1,000 per ton until 2033. The contract, valued at up to €397 million, involves supplying renewable ammonia from Egypt, supported by the Egypt Green Hydrogen consortium. This initiative, funded by the German Federal Ministry for Economic Affairs and Climate Action, aims to support the production and supply of renewable hydrogen and ammonia. Fertiglobe's bid will help Europe enhance energy security and reduce emissions, aligning with broader efforts to decarbonize the energy market. The project is a significant step towards the Final Investment Decision (FID) on Egypt Green Hydrogen, expected in the first half of 2025.

Fertiglobe, in collaboration with TA’ZIZ, Mitsui & Co., Ltd., and GS Energy Corporation, has awarded a contract to Tecnimont S.p.A. to commence the construction of a 1 million ton per annum (mtpa) low-carbon ammonia facility in Al Ruwais Industrial City, Abu Dhabi. This project aims to strengthen Abu Dhabi's position in low-carbon fuels and meet the rising demand for low-carbon ammonia as a carrier fuel for clean hydrogen. The construction is set to begin in Q3 2024, with operations starting in 2027. A significant portion of the construction value is expected to benefit the UAE’s economy through ADNOC’s In-Country Value program. The facility is projected to produce ammonia with 50% lower carbon intensity initially, with further reductions planned through carbon capture and sequestration. In May 2024, ADNOC delivered the first certified bulk commercial shipment of low-carbon ammonia, produced by Fertiglobe, to Mitsui & Co., Ltd. for clean power generation in Japan.

Fertiglobe announced Q1 2024 revenues of $552 million, down 20% from the previous year, and an adjusted EBITDA of $223 million, a 25% decrease year-on-year. The company's own-produced sales volume increased by 5% year-on-year, due to higher production and lower ending inventories. Fertiglobe is implementing a Manufacturing Improvement Plan, expected to generate at least $100 million in incremental annual adjusted EBITDA by the end of 2025. The company has also implemented $29 million of run rate savings by the end of Q1 2024 and aims to achieve a $50 million cost optimization target by the end of 2024. ADNOC's acquisition of OCI's majority 50% stake in Fertiglobe is expected to be completed in 2024, subject to regulatory approvals. Fertiglobe plans to enhance its operations through AI and predictive analytics. The company's shareholders have approved H2 2023 dividends of $200 million, with total 2023 dividends amounting to $475 million.

The text refers to the unaudited condensed consolidated interim financial statements for the quarter ending on 31 March 2024.

The Board of Directors for Fertiglobe plc held a meeting on 13 May 2024, where they approved the company's financial statements for the first quarter of the financial year 2024. The meeting was conducted via video conference. Additionally, the board also reviewed recent developments related to the company's activities and projects. The information was shared by Ms. Rita Guindy, the Director of Investor Relations. A copy of the information was also sent to the Securities and Commodities Authority.

Fertiglobe reported Q1 2024 revenues of $552 million, an adjusted EBITDA of $223 million, and an adjusted net profit of $119 million. The company saw a 5% YoY increase in its own-produced sales volume, primarily driven by a 22% rise in own-produced ammonia sales volumes and a 1% increase in own-produced urea sales volumes. The Manufacturing Improvement Plan is expected to realize at least $100 million in incremental annual adjusted EBITDA by the end of 2025. Fertiglobe is also on track to achieve its $50 million cost optimization target by the end of 2024. The company's shareholders have approved H2 2023 dividends of $200 million. Fertiglobe is also investing in AI to enhance efficiencies and operational safety. The acquisition of OCI's majority 50% stake in Fertiglobe by ADNOC is expected to be completed in 2024, which will support Fertiglobe’s growth strategy.

The Board of Directors of Fertiglobe plc will hold a virtual meeting on Monday 13 May 2024 at 3:30 p.m. The agenda of the meeting includes the approval of the company's financial statements for the first quarter of the financial year 2024 and the discussion of general matters related to the company's activities and projects. The information was disclosed by Ms. Rita Guindy, the Director of Investor Relations. A copy of the notice was sent to the Securities and Commodities Authority.