Press releases, Reports & Disclosures for Fertiglobe plc

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc General Press Release

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.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc General Press Release

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.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Management Discussion and Analysis Report for the Period Ended March 31,2024

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.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Financial Results for the Period Ended March 31,2024

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

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Board Meeting Results held on 13/05/2024 at 15:30

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.

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Abu Dhabi Stock Exchange News

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News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Press Release on the Financial Results for the Period Ended March 31,2024

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.

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Abu Dhabi Stock Exchange News

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News Update From Fertiglobe plc

Disclosures: Fertiglobe plc AGM Minutes held on 30/04/2024 at 16:00

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Abu Dhabi Stock Exchange News

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News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Announcement of Board Meeting to be held on 13/05/2024 at 15:30

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.

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Abu Dhabi Stock Exchange News

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News Update From Fertiglobe plc

Disclosures: Fertiglobe plc Integrated Report December 31,2023

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Fertiglobe plc

Disclosures: Fertiglobe plc AGM Results held on 30/04/2024 at 16:00

Fertiglobe Plc held its Annual General Assembly Meeting on 30 April 2024, chaired by H.E. Dr. Sultan Ahmed Al Jaber. The meeting had a quorum of 89.32% and took place at the company's head office in Abu Dhabi, with virtual attendance permitted. The assembly approved the Board of Directors' report, the external auditor's report, the standalone audited financial statements, and the consolidated audited financial statements for the financial year ended 31 December 2023. The recommendation for a cash dividend distribution of USD 200 million for the second half of the financial year was approved, bringing the total cash dividend for 2023 to USD 475 million. The payment of AED 9.71 million to the Board of Directors was also approved. The Board of Directors and auditors were discharged from liability for their 2023 activities. PriceWaterhouseCoopers was appointed as the external auditors for 2024, with a remuneration of USD 1,289,605 plus VAT.

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