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Fertiglobe shareholders approve $750 million dividend for first half of 2022
The dividend will be paid in October 2022 to shareholders of record as at October 10, 2022; Fertiglobe maintains potential for attractive future dividends, supported by strong cash flow performance and its competitive position on the global cost curve
Fertiglobe, the strategic partnership between Adnoc and OCI, the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa (Mena), and an early mover in clean ammonia, on Thursday announced its general assembly’s approval of the H1 2022 cash dividend of $750 million, equivalent to Dh2.75 billion or Dh0.33 per share. The dividend will be paid in October 2022 to shareholders of record as at October 10, 2022.
Ahmed El-Hoshy, chief executive officer of Fertiglobe, said Fertiglobe’s very solid first-half performance and approved dividend of $750 million has resulted from powerful earnings momentum, healthy cash conversion and a robust capital structure.
"The company has achieved strong growth since its landmark IPO on ADX almost one year ago, and we are delighted to have created significant value for shareholders during that time. As we look ahead to a very promising end to 2022, we will continue to execute on our strategy to create long-term value for all stakeholders,” he said.
The company’s potential for attractive future dividends is supported by its strong cash flow performance and competitive position on the global cost curve.
The second quarter of 2022 revenues increased 105 per cent to $1.5 billion, while adjusted EBITDA grew 155 per cent to $770 million compared to the same quarter of 2021. Free cash flows increased to $789 million in Q2 2022, from $328 million in Q2 2021. This strong earnings and cash generation in the second quarter resulted in a net cash position of $445 million as of 30 June 2022, compared to net debt of $487 million as at 31 December 2021 (0.3x net debt / adjusted EBITDA), supporting future growth and attractive dividend pay-out.
Fertiglobe’s dividend policy is to substantially pay out all excess free cash flows after providing for growth opportunities, while maintaining investment grade credit ratings.
— muzaffarrizvi@khaleejtimes.com
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