Q2 2023 Results Report
Fertiglobe Reports Q2 2023 Results
Highlights:
•
Fertiglobe reported Q2 2023 revenues and adjusted EBITDA at $552 million and $218 million, respectively.
Adjusted net profit and free cash flows during the quarter were $84 million and $60 million, respectively.
•
Fertiglobe's H1 2023 revenues and adjusted EBITDA were $1,245 million and $516 million, respectively.
Adjusted net profit was $219 million in H1 2023, while free cash flows were $331 million.
•
In line with guidance, Fertiglobe's management proposed H1 2023 dividends of at least $250 million (subject
to Board approval in September 2023), underscoring the company's commitment to creating and returning
shareholder value. The exact payment date in October 2023 will be announced following Board approval.
•
Fertiglobe is making progress with its cost optimization initiatives and is on track to deliver $50 million
in annualized run rate savings as of the end of 2024. Approximately 25-30% of the run rate savings are
expected to be realized by the end of 2023, with the rest to be realized over 2024.
•
Fertiglobe is making progress with its sustainability-focused projects and is expected to start the Front End
Engineering Design (FEED) process for its green hydrogen to ammonia projects in the UAE and Egypt
during H2 2023. In addition, the final investment decision (FID) on the Ta'ziz 1mtpa low carbon ammonia
project is expected in the coming months.
•
Market Outlook:
◦
Nitrogen prices bottomed in Q2 and have begun rebounding into Q3, with Egypt urea prices up ~60%
from trough levels in June 2023, underpinned by demand recovery, record low inventories and very
tight supply.
◦
Decade-low grain stocks driving rising crop futures and favorable farm economics incentivize significant
increases in nitrogen demand, and support nitrogen price recovery
◦
New capacity that was added and ramped up during 2022 and early 2023 has been absorbed, with
limited new supply additions expected in the next four years
◦
Warm weather is leading to higher gas demand for residential cooling, and causing reductions in global
ammonia production in some countries as a result
Abu Dhabi, UAE – 02 August 2023: Fertiglobe (ADX: FERTIGLB), the strategic partnership between ADNOC
and OCI Global, the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen
fertilizer producer in the Middle East and North Africa (“MENA”) region, and an early mover in sustainable
ammonia, today reported Q2 2023 revenue of $552 million, adjusted EBITDA of $218 million, adjusted net profit of
$84 million, and free cash flow of $60 million. Q2 2023 results were impacted by lower selling prices, as volatility
in European gas prices continued while markets saw increased supply from capacities commissioned in 2022,
coinciding with the end of the demand season in the northern hemisphere.
Ahmed El-Hoshy, CEO of Fertiglobe, commented:
“We are pleased to see that nitrogen markets bottomed during the second quarter and are tightening rapidly, with
a strong price trajectory in recent weeks despite the traditional summer lull for fertilizers. Looking ahead, we
believe that limited incremental supply additions over the next several years, coupled with healthy farm economics,
which incentivize nitrogen fertilizer application, and elevated marginal production costs in Europe continue to
1Q2 2023 Results Report
support a favorable nitrogen outlook in the medium to longer term. We expect more permanent closures of
European marginal production, if ammonia pricing continues to persist below marginal production costs.
Our overall sales volumes were lower compared to Q2 2022, primarily due to a higher base effect given deferrals
from Q1 to Q2 last year. However, going into H2 2023, we are well-positioned to service demand emerging
from key regions, leveraging our centralized distribution capabilities and targeting demand centers that offer the
highest netbacks, further supported by the reinstatement of urea and ammonia import duties into Europe.
We are excited to continue to diversify our product offering via Diesel Exhaust Fuel (DEF) sales from our
plants in Egypt into Europe, where demand for the product is supported by increasingly stricter emission
regulations. We also continue to progress our sustainability-focused projects, including the Ta'ziz 1mtpa low
carbon ammonia project and the low carbon ammonia pilot in the UAE at Fertil. We expect to commence the Front
End Engineering Design (FEED) process for our green hydrogen project in the UAE and our full scale green
hydrogen project in Egypt during H2 2023. We continue to take significant steps towards achieving a more
sustainable footprint for our production as well as for others. We look forward to providing further updates in the
coming months.
Our solid balance sheet position and cash flow management allow us to pursue these growth initiatives while
also balancing shareholder returns. We are pleased to propose H1 2023 dividends of at least $250 million or the
equivalent of at least AED 11 fils per share, subject to board approval, expected to be paid during October 2023.
As previously highlighted, we are actively implementing several management initiatives aimed at supporting our
free cash generation across cycles. Our cost optimization initiatives target $50 million in recurring annualized
savings by the end of 2024, with 25-30% of these savings planned to be achieved this year. Our key focus areas
include operating model enhancements and improvements in logistical capabilities (together contributing ~60% of
the run rate savings) as well as operational cost and spending efficiencies. In addition, we are already starting to
see positive results from our manufacturing improvement plan, and are on track to deliver operational and cost
efficiencies by 2025. The commitment of the Fertiglobe team to maintaining best-in-class safety, performance, and
excellence standards is a significant factor in driving our success, and I am very thankful for their dedication.”
Market Outlook
Fertiglobe believes the outlook for nitrogen markets continues to be supported by crop fundamentals,
elevated European gas pricing and tightening supply dynamics in the medium-term
•
Nitrogen prices bottomed in Q2 and have begun rebounding into Q3, underpinned by several
factors, including:
◦
Demand recovery: The recent decline in nitrogen pricing has improved affordability for farmers
by ~20% since January 2023 and more than 30% since Q2 2022, accelerating demand growth
for nitrogen
◦
Record low inventory levels: The 2022-2023 fertilizer application season concluded with the lowest
inventory levels in the past five years particularly in North America
◦
Tightening supply: The new capacity that was added and ramped up during 2022 and early 2023 has
been absorbed, with limited new supply additions in the next four years
◦
El Niño impact: The rapid emergence of El Niño has raised concerns about crop yields in the
southern hemisphere, which could lead to higher crop prices, supporting the use of nitrogen fertilizers
in the medium-term; it is also reducing gas availability for the production of ammonia
2Q2 2023 Results Report
◦
Normalization of trade flows: Following the EU's removal of duty suspension on ammonia and
urea in June 2023, with North African product exempt, Fertiglobe is expected to benefit from a
normalization of trade flows
◦
India imports to step up: it is expected that import demand from India will increase from 2.5 Mt in
H1 to ~4 Mt urea in H2 2023, with potential further upside in H2 due to recent rains and flooding, an
earlier-than-expected new tender, and recent reduced domestic production run-rates
•
Medium to long term nitrogen fundamentals also remain healthy, with anticipated demand recovery
supporting the rebuilding of global grain stocks and a return of industrial demand:
◦
Global grain stock-to-use ratios remain at the lowest levels in 20 years, and it will likely take at least
until 2025 to replenish stocks
◦
Forward grain prices (US corn futures >$5/bushel to the end of 2025 compared to $3.7/bushel during
2015 - 2019, and US wheat futures >$7/bushel, compared to $4.8/bushel during 2015 - 2019) support
farm incomes and incentivize nitrogen demand to be above historical trend levels
◦
Ammonia markets appear to have stabilized, with higher cost economics, particularly in the East
of Suez region, setting a firm floor. The increased fertilizer demand due to improved affordability is
currently offsetting the lag in industrial demand recovery.
■ Industry consultants expect a recovery in global ammonia trade from trough levels of ~17 million
tons in 2022 and 2023 back towards historical levels of ~19+ million tons per annum
•
Nitrogen supply is expected to be tighter over 2023 – 2027:
◦
In 2022, 6 million tons of new urea capacity were commissioned, with some plants ramping up in
2023, but now largely absorbed
◦
Industry consultants do not anticipate any major greenfield urea supply additions in 2023 and limited
additions from 2024 to 2027, located mostly in Russia, generating a global supply/demand gap of
~4 million tons
◦
Chinese urea exports are expected to remain low over the medium term, in the range of 3 mtpa
•
Feedstock pricing is expected to remain well above historical averages:
◦
Despite a recent drop in gas prices, 2023 - 2025 forward European gas prices are c.$15/mmBtu (or
c.3x higher than 2015-2019), with higher prices anticipated for next winter
◦
It is expected that El Niño could increase the demand for natural gas for summer cooling, which could
result in upward pressure on natural gas prices and increased marginal cost of nitrogen production
◦
Current ammonia prices are below the marginal cash cost producer in Europe:
■ The gas forwards imply marginal cost support levels for ammonia of c.$750/t (including full
impact CO ) and ~$590/t (excluding CO ) for next winter and 2024, which could result in
2 2
temporary or permanent closures of European marginal production if pricing remains below cost
for an extended period
3Q2 2023 Results Report
Dividends and capital structure
As at the end of June 2023, Fertiglobe reported a net debt position of $66 million, compared to a net cash of
$287 million as of 31 December 2022, allowing the company to balance future growth opportunities and dividend
pay-out. Fertiglobe's management proposed H1 2023 dividends of at least $250 million, in line with guidance,
subject to board approval in September 2023. Payment is expected to follow in October 2023.
Cost savings
Fertiglobe recently launched an initiative to further optimize its cost structure and reinforce its top quartile cash
cost positioning, targeting $50 million in recurring annualized savings by the end of 2024, of which 25-30%
are planned to be achieved this year. Key focus areas will be operating model enhancements, improvement
in logistical capabilities and operational cost and spend efficiencies. In addition, Fertiglobe's manufacturing
improvement plan is on track to deliver operational and cost efficiencies by 2025.
4Q2 2023 Results Report
Consolidated Financial Results at a Glance1
Financial Highlights ($ million, unless otherwise stated)
$ million unless otherwise stated Q2 2023 Q2 2022 % Δ H1 2023 H1 2022 % Δ
Revenue 551.5 1,471.3 (63%) 1,245.2 2,656.1 (53%)
Gross profit 174.4 747.8 (77%) 443.5 1,335.6 (67%)
Gross profit margin 31.6% 50.8% 35.6% 50.3%
Adjusted EBITDA 218.2 770.0 (72%) 515.5 1,394.6 (63%)
Adjusted EBITDA margin 39.6% 52.3% 41.4% 52.5%
EBITDA 217.3 770.0 (72%) 512.5 1,389.6 (63%)
EBITDA margin 39.4% 52.3% 41.2% 52.3%
Adjusted net profit attributable to shareholders 83.9 438.2 (81%) 219.3 799.2 (73%)
Reported net profit attributable to shareholders 79.2 429.4 (82%) 214.9 786.0 (73%)
Earnings per share ($)
Basic earnings per share 0.010 0.052 (82%) 0.026 0.095 (73%)
Diluted earnings per share 0.010 0.052 (82%) 0.026 0.095 (73%)
Adjusted earnings per share 0.010 0.053 (81%) 0.026 0.096 (73%)
Earnings per share (AED)
Basic earnings per share 0.035 0.190 (82%) 0.095 0.348 (73%)
Diluted earnings per share 0.035 0.190 (82%) 0.095 0.348 (73%)
Adjusted earnings per share 0.035 0.194 (82%) 0.095 0.354 (73%)
Free cash flow 59.9 788.7 (92%) 331.3 1,309.5 (75%)
Capital expenditure 34.5 14.6 136% 47.2 24.0 97%
Of which: Maintenance Capital Expenditure 30.7 13.0 136% 41.7 19.8 111%
30 June 23 31 Dec 22 % Δ
Total Assets 5,451.2 5,530.6 -1%
Gross Interest-Bearing Debt 1,620.7 1,155.2 40%
Net Debt/(Cash) 66.3 (286.8) n/m
Q2 2023 Q2 2022 % Δ H1 2023 H1 2022 % Δ
Sales volumes (‘000 metric tons)
Fertiglobe Product Sold 1,414 1,540 (8%) 2,777 2,794 (1%)
Third Party Traded 148 236 (37%) 313 512 (39%)
Total Product Volumes 1,562 1,776 (12%) 3,090 3,306 (7%)
1 Unaudited
5Q2 2023 Results Report
Operational Highlights
Operational Performance Highlights:
•
12-month rolling recordable incident rate to 30 June 2023 of 0.13 incidents per 200,000 manhours.
•
Ammonia and urea production volumes were higher YoY in Q2 2023 despite the turnaround at
Sorfert (Algeria).
•
Fertiglobe's Q2 2023 performance was impacted by lower selling prices as well as lower sales volumes
compared to the same period last year, primarily due to a high base effect given deferrals from Q1 2022 to
Q2 2022 and higher ammonia ending inventories in Q2 2023.
•
Fertiglobe’s total own-produced sales volumes were down 8% to 1,414kt in Q2 2023 vs Q2 2022, driven by:
◦
A 19% decrease in ammonia own-produced sales volumes to 290kt from 357kt in Q2 2022
◦
A 6% decrease in urea own-produced sales volumes to 1,117kt YoY compared to 1,183kt in Q2 2022
•
Traded third party volumes decreased 37% YoY to 148kt in Q2 2023, compared to 236kt in Q2 2022.
•
Total own-produced and traded third party volumes of 1,562kt were down 12% in Q2 2023 compared to
Q2 2022.
•
In H1 2023, Fertiglobe’s total own-produced sales volumes were down marginally by 1% to 2,777kt
compared to H1 2022, driven by:
◦
A 9% decrease in ammonia own-produced sales volumes to 526kt from 580kt in H1 2022, and
◦
Relatively unchanged urea own-produced sales volumes of 2,244kt.
•
Traded third party volumes were down 39% YoY to 313kt in H1 2023.
•
Total own-produced and traded third party volumes of 3,090kt were down 7% in H1 2023 compared to
H1 2022.
6Q2 2023 Results Report
Product sales volumes
Sales volumes ('000 metric tons) Q2 2023 Q2 2022 % Δ H1 2023 H1 2022 % Δ
Own Product
Ammonia 290 357 (19%) 526 580 (9%)
Urea 1,117 1,183 (6%) 2,244 2,214 1%
DEF 7 - n/m 7 - n/m
Total Own Product Sold 1,414 1,540 (8%) 2,777 2,794 (1%)
Third-Party Traded
Ammonia 78 27 189% 109 79 38%
Urea 70 209 (66%) 204 433 (53%)
Total Traded Third-party Product 148 236 (37%) 313 512 (39%)
Total Own Product and Traded Third-party 1,562 1,776 (12%) 3,090 3,306 (7%)
Benchmark prices1
Q2 '23 Q2 '22 % Δ H1 2023 H1 2022 % Δ Q1 '23 % Δ
Ammonia NW Europe, FOB $/mt 386 1,240 (69%) 537 1,288 (58%) 688 (44%)
Ammonia Middle East, FOB $/mt 256 965 (73%) 436 992 (56%) 615 (58%)
Granular Urea Egypt, FOB $/mt 335 795 (58%) 372 818 (55%) 409 (18%)
Granular Urea Middle East, FOB $/mt 302 721 (58%) 330 748 (56%) 359 (16%)
Natural gas TTF (Europe) $ / mmBtu 11.4 30.8 (63%) 14.1 31.5 (55%) 16.8 (32%)
Natural gas Henry Hub (US) $ / mmBtu 2.3 8.1 (72%) 2.6 6.3 (59%) 2.8 (18%)
1Source: CRU, MMSA, ICIS, Bloomberg
In Q2 2023, ammonia Middle East benchmark were down 73% YoY, while the urea Egypt benchmark price was
down 58%. Compared to Q1 2023, the ammonia Middle East benchmark was down 58%, while the urea Egypt
benchmark price was down 18%.
The decrease in sales volumes and selling prices during the quarter resulted in a 63% YoY decrease in revenues
to $552 million in Q2 2023. This translated into a 72% decline in adjusted EBITDA to $218 million in Q2 2023 from
$770 million in Q2 2022. As a result, Fertiglobe’s adjusted EBITDA margin dropped to 40% in Q2 2023 from 52%
in Q2 2022.
7Q2 2023 Results Report
Segment overview Q2 2023
Production and marketing of
$ million own produced volumes Third party trading Other Total
Total revenues 502.9 48.6 - 551.5
Gross profit 175.6 (1.2) - 174.4
Operating profit 161.8 (2.9) (10.5) 148.4
Depreciation & amortization (66.8) (1.2) (0.9) (68.9)
EBITDA 228.6 (1.7) (9.6) 217.3
Adjusted EBITDA 228.6 (1.7) (8.7) 218.2
Segment overview Q2 2022
Production and marketing of
$ million own produced volumes Third party trading Other Total
Total revenues 1,275.4 195.9 - 1,471.3
Gross profit 749.8 (2.0) - 747.8
Operating profit 724.5 (2.0) (15.3) 707.2
Depreciation & amortization (62.5) - (0.3) (62.8)
EBITDA 787.1 (2.0) (15.1) 770.0
Adjusted EBITDA 787.1 (2.0) (15.1) 770.0
Segment overview H1 2023
Production and marketing of
$ million own produced volumes Third party trading Other Total
Total revenues 1,112.8 132.4 - 1,245.2
Gross profit 441.5 2.0 - 443.5
Operating profit 403.8 0.3 (27.9) 376.2
Depreciation & amortization (132.4) (1.7) (2.2) (136.3)
EBITDA 536.2 2.0 (25.7) 512.5
Adjusted EBITDA 538.3 2.0 (24.8) 515.5
Segment overview H1 2022
Production and marketing of
$ million own produced volumes Third party trading Other Total
Total revenues 2,265.8 390.3 - 2,656.1
Gross profit 1,337.4 3.2 (5.0) 1,335.6
Operating profit 1,291.5 3.2 (29.9) 1,264.8
Depreciation & amortization (124.4) - (0.4) (124.8)
EBITDA 1,415.9 3.2 (29.5) 1,389.6
Adjusted EBITDA 1,415.9 3.2 (24.5) 1,394.6
8Q2 2023 Results Report
Financial Highlights
Summary results
Consolidated revenue decreased by 63% to $552 million in the second quarter of 2023 compared to the same
quarter in 2022, driven by lower selling prices and sales volumes.
Adjusted EBITDA declined by 72% YoY to $218 million in Q2 2023 compared to $770 million in Q2 2022.
Q2 2023 adjusted net profit attributable to shareholders was $84 million compared to an adjusted net profit
attributable to shareholders of $438 million in Q2 2022. Reported net profit attributable to shareholders was
$79 million in Q2 2023 compared to a net profit attributable to shareholders of $429 million in Q2 2022.
Consolidated statement of income
$ million Q2 2023 Q2 2022 H1 2023 H1 2022
Net revenue 551.5 1,471.3 1,245.2 2,656.1
Cost of sales (377.1) (723.5) (801.7) (1,320.5)
Gross profit 174.4 747.8 443.5 1,335.6
Other income 1.6 - 1.6 -
SG&A (27.6) (39.6) (68.8) (70.0)
Other expense - (1.0) (0.1) (0.8)
Adjusted EBITDA 218.2 770.0 515.5 1,394.6
EBITDA 217.3 770.0 512.5 1,389.6
Depreciation & amortization (68.9) (62.8) (136.3) (124.8)
Operating profit 148.4 707.2 376.2 1,264.8
Interest income 3.4 0.5 5.7 0.9
Interest expense (31.2) (25.2) (52.7) (42.0)
Other finance (expense)/income 4.4 5.3 (17.2) 21.2
Net finance costs (23.4) (19.4) (64.2) (19.9)
Net profit before tax 125.0 687.8 312.0 1,244.9
Income tax (16.6) (64.7) (14.8) (154.7)
Net profit 108.4 623.1 297.2 1,090.2
Non-Controlling Interest (29.2) (193.7) (82.3) (304.2)
Net profit attributable to shareholders 79.2 429.4 214.9 786.0
Adjusted net profit attributable to shareholders 83.9 438.2 219.3 799.2
9Q2 2023 Results Report
Reconciliation to Alternative Performance Measures
Adjusted EBITDA
Adjusted EBITDA is an Alternative Performance Measure (APM) that intends to give a clear reflection of
underlying performance of Fertiglobe’s operations. The main APM adjustments at the EBITDA level relate to
the movement in provisions and pre-operating expenditures related to projects during the quarter.
Reconciliation of reported operating income to adjusted EBITDA
$ million Q2 2023 Q2 2022 H1 2023 H1 2022 Adjustment in P&L
Operating profit as reported 148.4 707.2 376.2 1,264.8
Depreciation and amortization 68.9 62.8 136.3 124.8
EBITDA 217.3 770.0 512.5 1,389.6
APM adjustments for:
Movement in provisions - - 2.1 5.0 Cost of sales
Pre-operating expenditures related to projects 0.9 - 0.9 - SG&A expense
Total APM adjustments 0.9 - 3.0 5.0
Adjusted EBITDA 218.2 770.0 515.5 1,394.6
Adjusted net profit attributable to shareholders
At the net profit level, the main APM adjustments relate to the impact on non-cash foreign exchange gains and
losses on USD exposure as well as non-controlling interest.
Reconciliation of reported net profit to adjusted net profit
$ million Q2 2023 Q2 2022 H1 2023 H1 2022 Adjustment in P&L
Reported net profit attributable to shareholders 79.2 429.4 214.9 786.0
Adjustments for:
Adjustments at EBITDA level 0.9 - 3.0 5.0
Finance income
Forex loss/(gain) on USD exposure 10.6 (18.4) 11.3 (33.0) and expense
Other financial expense - 9.7 - 9.7 Finance expense
Uncertain tax
Non-controlling interest (6.8) 17.5 (9.9) 31.5 positions / minorities
Total APM adjustments at net profit level 4.7 8.8 4.4 13.2
Adjusted net profit attributable to shareholders 83.9 438.2 219.3 799.2
10Q2 2023 Results Report
Free Cash Flow and Net Debt/(Cash)
Free cash flow before growth capex amounted to $60 million during Q2 2023, compared to $789 million during
the same period last year, reflecting performance for the quarter, dividends paid to non-controlling interest and
withholding tax, working capital outflows, maintenance capital expenditures, interest and lease payments.
Total cash capital expenditures including growth capex were $35 million in Q2 2023 compared to $15 million in
Q2 2022, of which $31 million was related to maintenance capital expenditures, compared to $13 million in the
previous year. For 2023, management maintains its guidance for capital expenditures (excluding growth capital
expenditure) of $100-130 million.
Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt/(Cash)
$ million Q2 2023 Q2 2022 H1 2023 H1 2022
EBITDA 217.3 770.0 512.5 1,389.6
Working capital (16.7) 93.0 (6.8) 13.6
Maintenance capital expenditure (30.7) (13.0) (41.7) (19.8)
Tax paid (11.1) (77.3) (32.8) (133.7)
Net interest paid (18.2) (11.3) (26.8) (23.0)
Lease payments (4.9) (5.7) (10.9) (7.0)
Dividends paid to non-controlling interests and withholding tax (83.1) (63.5) (83.1) (67.3)
Ecremage 7.3 96.5 20.9 157.1
Free Cash Flow 59.9 788.7 331.3 1,309.5
Reconciliation to change in net debt/(cash):
Growth capital expenditure (3.8) (1.6) (5.5) (4.2)
Other non-operating items (1.1) (2.9) 13.1 (2.9)
Net effect of movement in exchange rates on net debt/(cash) 15.3 0.5 9.4 (25.2)
Dividend to shareholders (700.0) (340.0) (700.0) (340.0)
Other non-cash items (0.8) (2.1) (1.4) (5.6)
Net Cash Flow in Net Debt/(Cash) (630.5) 442.6 (353.1) 931.6
11Q2 2023 Results Report
Investor and Analyst Conference Call
On 2 August 2023 at 3:00 PM UAE (12:00 PM London, 9:00 AM New York), Fertiglobe will host a conference call
for investors and analysts. To access the call please dial:
International: +44 20 3936 2999
UAE: +971 800 0357 04553
UK: +44 20 3936 2999 / Toll free: +44 808 189 0158
United States: +1 646 664 1960 / Toll Free: +1 855 9796 654
Passcode: 996655
Participants may also join via the webcast. Please pre-register and join here.
About Fertiglobe:
Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in
sustainable ammonia. Fertiglobe’s production capacity comprises of 6.6 million tons of urea and merchant
ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of
nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports
and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi
and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees and
was formed as a strategic partnership between OCI Global (“OCI”) and the Abu Dhabi National Oil Company
(“ADNOC”). Fertiglobe is listed on the Abu Dhabi Securities Exchange (“ADX”) under the symbol “FERTIGLB” and
ISIN “AEF000901015. To find out more, visit:www.fertiglobe.com.
For additional information, contact:
Fertiglobe Investor Relations: For additional information on Fertiglobe:
Rita Guindy www.fertiglobe.com
Director
Email: rita.guindy@fertiglobe.com
Hans Zayed
Director
Email: hans.zayed@fertiglobe.com
Investor.relations@fertiglobe.com
12

Sentiment: positive