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On 31 July 2024, the Board of Directors of Fertiglobe plc held a meeting via video conference at 3:00 p.m. During the meeting, the Board approved the financial statements for the second quarter of the financial year 2024. Additionally, the Board reviewed recent developments related to the company's activities and projects. The communication was signed by Ms. Rita Guindy, Director of Investor Relations, and a copy was sent to the Securities and Commodities Authority.
Fertiglobe reported H1 2024 revenues of $1,048 million and adjusted EBITDA of $378 million. For Q2 2024, the company recorded revenues of $496 million and adjusted EBITDA of $156 million. Despite gas supply disruptions in Egypt, Q2 2024 own-produced sales volume fell by only 2% year-over-year, while H1 2024 sales volumes increased by 1% to 2.8 million tons, supported by record production in Egypt and Algeria. The Manufacturing Improvement Plan (MIP) is on track to achieve $100 million in additional annual EBITDA by the end of 2025. Fertiglobe has implemented $42 million of its $50 million cost optimization target. The company is focusing on growth projects, including the TA’ZIZ low carbon ammonia plant in the UAE and a renewable ammonia supply contract from Egypt. A proposal for H1 2024 dividends will be presented to the Board in September 2024, with payment expected in October 2024. Regulatory approvals for ADNOC’s acquisition of OCI’s 50% stake in Fertiglobe are progressing well, with the transaction expected to close in 2024. The outlook for ammonia and urea remains favorable in the short term and is supported by improving demand and limited supply additions in the medium to long term.
Fertiglobe reported Q2 2024 revenues of $496 million, a 10% decline year-over-year, with adjusted EBITDA of $156 million, down 29% year-over-year. For the first half of 2024, revenues were $1,048 million (-16% Y-o-Y) and adjusted EBITDA was $378 million (-27% Y-o-Y). Despite gas supply disruptions in Egypt, Q2 2024 own-produced sales volume fell by only 2% Y-o-Y, while H1 2024 volumes increased by 1% Y-o-Y to 2.8 million tons due to record production in Egypt and Algeria. The Manufacturing Improvement Plan (MIP) aims to achieve an additional $100 million in annual EBITDA by the end of 2025. Fertiglobe has implemented $42 million of its $50 million cost optimization target and continues to focus on growth projects with high returns. Significant steps in Q2 2024 include a Final Investment Decision (FID) on the TA’ZIZ low carbon ammonia plant in the UAE and winning a €397 million H2Global auction for renewable ammonia supply from Egypt. The short-term market outlook for ammonia and urea is favorable, with medium to long-term support from increasing demand and limited supply additions. A proposal for H1 2024 dividends will be presented in September 2024, with payment expected in October 2024. Regulatory approvals for ADNOC’s acquisition of OCI’s 50% stake in Fertiglobe are progressing well, with the transaction expected to close in 2024.
Al Mazaya Holding Company K.S.C. (Public) and its subsidiaries in Kuwait have released their unaudited interim consolidated financial information for the period ending June 30, 2024. This includes a report on the review of the interim consolidated financial information.
On July 31, 2024, the Board of Directors of Dubai Taxi Company P.J.S.C. held a meeting at 3:00 pm via videoconferencing, achieving the necessary legal quorum. During the meeting, the Board discussed and made decisions on internal matters related to the company's business. The letter, signed by Board Secretary Vicken Khochafian, is addressed to Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, and a copy was sent to the Securities and Commodities Authority.