The largest manufacturer of nitrogen fertiliser in the Middle East and North Africa, Fertiglobe, has its General Assembly approve a cash dividend of $750 million, or AED 2, for the first half of 2022. 0 AED, or 75 billion. per share, 33.
According to a report to the Abu Dhabi Securities Exchange, dividends will be paid to shareholders registered on October 10, 2022, in the month of October.
Fertiglobe CEO Ahmed El Hoshi stated: “High sales, substantial cash transfers, and the strength of the company’s financial structure allowed Fertiglobe to post a great performance in the first half of the year and announce a dividend of $750 million.
He stated, “Since its historic initial public offering on the Abu Dhabi Stock Exchange nearly a year ago, the company has experienced strong growth.
He stated that the business intended to keep pursuing its goal of generating long-term value for all shareholders and expressed optimism for a successful conclusion to 2022.
He emphasised that the company’s solid financial performance and competitive position on the global cost curve underpin its capacity to pay out enticing dividends in the future.
The second quarter of 2022 saw a 105% increase in revenue to $1. EBITDA increased by 155% to $770 million from the second quarter of 2021 to $5 billion.
From $328 million in the second quarter of 2021 to $789 million in the second quarter of 2022, free cash flow rose.
When compared to net debt of AED 487 million as of December 31, 2021, the second quarter’s strong profitability and cash generation left the company with a net cash position of $445 million as of June 30, 2022. (the net debt to adjusted EBITDA ratio at that time was 0. 3 times). ), which promotes potential for future growth and substantial profits.
It’s interesting to note that Vertiglobe’s dividend policy is to distribute any extra free cash flow left over after deducting expenses for business expansion while retaining investment-grade credit ratings. .
UAE Fertiglobe approves $750 million in half-year dividends.
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