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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.

AD Ports Group began 2024 with a notable financial and operational performance in Q1. The group's revenue more than doubled year-on-year (YoY) to AED 3.89 billion, and its EBITDA increased by 49% YoY to AED 1.04 billion. The EBITDA margin was 26.7%, and profit before tax and minorities reached AED 462 million, a 27% YoY increase. Total net profit was AED 400 million, up by 10% YoY, and net profit after minorities was AED 314 million, a 5% YoY decrease. The group spent AED 1.27 billion on growth capital expenditure (CapEx) in Q1 2024. Operating cash flow more than doubled to AED 781 million, but free cash flow remained negative at AED 2.01 billion due to payments for several mergers and acquisitions and organic growth CapEx. The group's revenue and EBITDA growth were driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters, as well as the effects of mergers and acquisitions.