biobert schreef op 10 februari 2025 08:29:
Fertiglobe Reports Q4 2024 Results
• Fertiglobe reported adjusted EBITDA of $648 million in 2024 and $158 million in Q4 2024, respectively, while adjusted net profit attributable to shareholders was $174 million in 2024 and $42 million in Q4 2024.
• Q4 2024 results were impacted by planned turnarounds and the strategic deferral of several shipments (239kt) to early 2025 to maximize shareholder value.
• The deferred shipments shifted $59 million of EBITDA and $29 million of net profit to Q1 2025, leveraging tightening urea markets and improved in-season pricing (urea FOB Egypt up 26% vs Dec-24 to $455/t).
• Fertiglobe realized its cost optimization target of $50 million in annual recurring savings and is on track to realize $100 million in incremental EBITDA from its Manufacturing Improvement Plan (MIP) by the end of 2025.
• 2024 own-produced sales volumes would have been up 3% Y-o-Y in 2024, adjusting for external factors and shipment deferrals to 2025, reflecting structural measures taken to improve reliability and efficiency levels.
• Fertiglobe's Board recommends H2 2024 dividends of $125 million (5.5 fils per share), subject to shareholder approval, bringing 2024 total dividends to $275 million, and implying an above-industry average yield of 5%.
• A full strategy update will be announced at our Capital Markets Day (CMD) with Q1 2025 results in May 2025.
• Market outlook: Nitrogen market fundamentals in the near-term are firm, supported by elevated energy prices and globally tight supply during the spring season. The longer-term outlook is supported by robust demand, limited supply additions and favorable farmer economics, as well as ammonia demand from new and existing applications