SARA ALZAABI (ABU DHABI)
Fertiglobe maintained strong production and exports despite regional logistics challenges, according to Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe.
Speaking to Aletihad, El-Hoshy said: “We successfully rerouted exports through alternative overland and sea routes, expanded storage capacity and maintained production continuity, allowing us to continue supplying customers throughout the disruption.”
El-Hoshy said Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and the largest producer of nitrogen fertilisers in the MENA region.
The company has production capacity of approximately 6.6 million tonnes of urea and merchant ammonia across its operations in the UAE, Egypt and Algeria.
“In the first half of 2026 alone, we sold more than 2.5 million tonnes of our own products and a further 562 thousand tonnes through third-party trading, underlining the scale at which we support agricultural productivity and food security globally,” he said.
Nitrogen fertilisers are estimated to support food production for around half of the world’s population, making reliable supplies essential to global food security, El-Hoshy added.
Fertiglobe reported revenue of approximately $1.1 billion in the second quarter of 2026, an increase of 92% year-on-year. Adjusted earnings before interest, taxes, depreciation and amortisation more than doubled to $371 million, while adjusted net profit attributable to shareholders increased 12.5-fold to $145 million.
El-Hoshy attributed the second-quarter results to “stronger ammonia and urea prices, disciplined execution, our diversified production and trading footprint, and our ability to redirect volumes and continue serving customers despite disruptions to regional logistics”.
For the first half of 2026, revenue increased 59% to $2 billion, adjusted EBITDA rose 63% to $713 million and adjusted net profit attributable to shareholders climbed 3.4-fold to $289 million. The company also proposed a minimum first-half dividend of $150 million, an increase of more than 20% year-on-year.
El-Hoshy said Fertiglobe achieved record utilisation rates in Egypt and Algeria, supported by its Manufacturing Improvement Plan. “We delivered record utilisation rates in Egypt and Algeria, supported by our Manufacturing Improvement Plan, which helped achieve overall urea utilisation rates of 92% across the platform in the first half despite challenges in the UAE,” he said.
Sales volumes of Fertiglobe’s own products declined by 3% year-on-year in the second quarter because of export constraints. However, total product volumes increased 9% as third-party traded volumes rose 87%.
Fertiglobe is also advancing Project Harvest, its lower-carbon ammonia project in the UAE, which remains on track to begin operations in 2027.
“Construction of Project Harvest, our 1 million tonnes per annum lower-carbon ammonia project in the UAE, is 90% complete and remains on track for operation in 2027. It is expected to produce ammonia with up to 50% lower carbon intensity than conventional production,” El-Hoshy said.
He said the project, being advanced with the support of XRG, ADNOC’s international investment company, would strengthen the UAE’s position in lower-carbon ammonia production.
“Our results highlight the UAE’s ability to build globally competitive industrial champions that can operate reliably through complex market conditions,” he said.
Fertiglobe’s financial strength, operational resilience and continued investment supported the UAE’s broader ambition to become a leading hub for sustainable industry and clean-energy solutions, El-Hoshy added.
He said ADNOC’s majority ownership and XRG’s support had strengthened Fertiglobe’s strategic position, financial flexibility and long-term growth prospects. This had helped the company advance its Grow 2030 strategy while maintaining disciplined capital allocation, investing in growth and delivering shareholder returns.
Looking ahead, El-Hoshy said Fertiglobe would focus on operational excellence, implementing its Grow 2030 strategy and strengthening its position in global markets.
“Our priorities are clear: maintain safe and reliable operations, continue executing our Grow 2030 strategy, improve operational performance through the Manufacturing Improvement Plan, and preserve flexibility to capture value in dynamic markets,” he said.