Company Insights Fertiglobe Industry Latest Fertiglobe DevelopmentsAI Insights Fertiglobe experienced a decline in revenue by 16 percent to $1.05 billion in the first half of 2024 compared to the previous year. The company attributed this to lower sales. Net profit attributable to owners fell 39 percent year on year to $131 million. Sales volumes dropped due to gas supply disruptions in Egypt but increased one percent to 2.8 million tonnes in the first half1. The potential $1 billion investment in expanding the blue ammonia plant capacity hinges on contracts from Japan and South Korea2. Adnoc completed the acquisition of OCI Global’s 50 percent stake plus one share in Fertiglobe. This increased Adnoc's shareholding to 86.2 percent3. Fertiglobe's net profit in 2024 fell significantly due to decreased revenues, with particular challenges from gas shortages in Egypt and Algeria. The company deferred some shipments to achieve higher prices4. Fertiglobe plans to become a key player in Adnoc's strategy for low-carbon ammonia production5. Fertiglobe Overview Majority-owned by Abu Dhabi’s Adnoc, Fertiglobe produces a number of fertiliser and related products: granular urea, merchant ammonia, renewable and low-carbon ammonia and diesel exhaust fluid. Fertiglobe was formed as a strategic partnership between chemicals companies OCI Global and Fertil in September 2019. Dutch company OCI Global’s Middle East and North African business had developed from 2005, composed of stakes in two Egyptian and one Algerian nitrogen-based fertiliser businesses, namely Ebic, Egyptian Fertilizers Company and Sorfert Algérie. Fertil was established in 1980 as a joint venture between Adnoc and Total, and initially produced urea and ammonia. Adnoc acquired Total’s stake in 2018. In 2021, Fertiglobe went public on Abu Dhabi’s ADX exchange. In 2023, Adnoc paid $3.62 billion for OCI Global’s 50 per cent stake in Fertiglobe, and by the following year it had become the majority shareholder. Fertiglobe News Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 7, 2025 editor's insight Petrochemicals Adnoc’s big bet on petrochemicals Pay attention at the back. Earlier this week Abu Dhabi-listed Fertiglobe reported net profits of $160m for 2024, down by more than half on 2023 because of lower revenues. Meanwhile, net earnings at Borouge, another of Abu Dhabi’s listed petrochemicals ventures, jumped by nearly a quarter year-on-year to $1.2 billion. Borouge reported record production and sales. What […] February 14, 2025 Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025 Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025 Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024 Opinion Markets UAE and Saudi capital market reforms are bearing fruit Inbound capital flows were thin on the ground outside traditional sectors November 27, 2024 Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024 Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024 Manufacturing Fertiglobe logs net loss, weeks after Adnoc buys stake Fertiliser maker Fertiglobe has reported a net loss of $10.4 million for the third quarter of 2024 – a sharp drop from the $39.6 million profit generated in the same period last year. The Abu Dhabi company’s revenue in Q3 2024 fell to $495.6 million versus $525 million in Q3 2023. Analysts had estimated a […] November 11, 2024 Energy Revenues of six Adnoc subsidiaries reach $24bn Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […] November 6, 2024 Posts navigation 1 2 … 4 Next
Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 7, 2025
editor's insight Petrochemicals Adnoc’s big bet on petrochemicals Pay attention at the back. Earlier this week Abu Dhabi-listed Fertiglobe reported net profits of $160m for 2024, down by more than half on 2023 because of lower revenues. Meanwhile, net earnings at Borouge, another of Abu Dhabi’s listed petrochemicals ventures, jumped by nearly a quarter year-on-year to $1.2 billion. Borouge reported record production and sales. What […] February 14, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Opinion Markets UAE and Saudi capital market reforms are bearing fruit Inbound capital flows were thin on the ground outside traditional sectors November 27, 2024
Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
Manufacturing Fertiglobe logs net loss, weeks after Adnoc buys stake Fertiliser maker Fertiglobe has reported a net loss of $10.4 million for the third quarter of 2024 – a sharp drop from the $39.6 million profit generated in the same period last year. The Abu Dhabi company’s revenue in Q3 2024 fell to $495.6 million versus $525 million in Q3 2023. Analysts had estimated a […] November 11, 2024
Energy Revenues of six Adnoc subsidiaries reach $24bn Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […] November 6, 2024
