Dubai: The UAE energy company ADNOC sure has been having a good time in recent days, with three of its listed companies cheering investors with solid 2021 numbers.
Fertiglobe, the largest nitrogen fertilizer producer in the region, recorded a 113 per cent gain in revenues to $3.31 billion, while adjusted earnings (before interest, tax, depreciation and amortisation) was up by an even more impressive 242 per cent to $1.55 billion. Adjusted net income for 2021 was $737 million compared to $66 million a year ago.Earlier, ADNOC Drilling and ADNOC Distribution had issued their 2021 financials, delivering a fairly solid set of results.
ADNOC is a joint venture partner with Dutch fertilizer giant OCI in Fertiglobe, which had one of Abu Dhabi’s high-visibility IPOs last year. The company will distribute $340 million as dividends for the second-half of 202, compared the earlier guidance of $240 million. (It was in October last that the company listed on ADX after a $795m IPO.)
Continue the good run
According to Fertiglobe, the good times should potentially continue, with the company expected to play a key role in the transition to a cleaner ‘hydrogen economy’. This is where its production of ammonia will have a say.
“As a global leader in merchant ammonia and an early mover in clean ammonia, Fertiglobe is well-positioned to capitalize on the global transition to a hydrogen economy,” said a statement. Ammonia has emerged as “one of the most promising products to enable the energy transition”.
Fertiglobe operates four production facilities in three countries – the UAE, Egypt and Algeria. “Our current order book looks healthy into Q2-2022, and we expect H1-2022 to be strong, driven by attractive farm economics, strong demand in our ammonia end markets and our globally competitive position,” said Ahmed El-Hoshy, CEO of Fertiglobe.
