Today's Edition
ABU DHABI (WAM)
Fertiglobe’s revenues rose 44 percent year-on-year (YoY) to Dh10.7 billion ($2.9 billion) in the first nine months of 2026, while adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 31 percent to Dh3.5 billion ($944 million), and adjusted net profit attributable to shareholders grew 56 percent to Dh1.3 billion ($341 million).
In Q3 2026, Fertiglobe revenues increased 19 percent YoY to Dh3.3 billion ($905 million), while adjusted EBITDA declined 19 percent YoY to Dh848 million ($231 million), and adjusted net profit attributable to shareholders decreased 62 percent YoY to Dh187 million ($51 million).
The revenue increase reflects higher ammonia prices and sales volumes, which have more than offset the decline in urea prices and the planned turnaround at EBIC in Egypt, while significant increases in logistics and operating costs weighed on EBITDA margins.
CEO of Fertiglobe, Ahmed El-Hoshy, commented, “Q3 2026 was a quarter of strong operational execution in a challenging environment. Our commercial and logistics teams restored UAE exports to 95 percent of production, up from 56 percent in Q2 2026. We also completed a major turnaround at EBIC, increasing the plant's output by around 20 percent and expected to add Dh99 million ($27 million) of annual EBITDA compared to the 2024 baseline, at 2024 prices. Together, these achievements demonstrate our ability to navigate disruption while continuing to unlock more value from our existing assets."
He added, “Having successfully implemented our initial Dh202 million ($55 million) cost optimisation target, we are now launching FIT3, a new programme targeting the implementation of a further Dh110 million ($30 million) of annual non-gas cost savings by year-end 2028. Together with maintenance capex normalising from 2027, this will strengthen our competitiveness and cash generation through the cycle.
We enter Q4 2026 with an improving market backdrop. With XRG’s support, we will continue to pursue Grow 2030 opportunities that build on our global ammonia position and target attractive returns, sustainable cash generation and long-term shareholder value.”
The Egyptian Fertilizer Company (EFC) in Egypt and Sorfert in Algeria continued their record performance, with urea utilisation rates averaging 99 percent across the two companies in the first nine months of 2026, reflecting progress under the Manufacturing Improvement Plan (MIP).
The EBIC turnaround was completed during the quarter and is expected to increase ammonia production by around 20 percent and contribute Dh99 million ($27 million) per year of EBITDA, compared to the 2024 baseline at 2024 prices, through improved reliability and energy efficiency.
With another major turnaround in the UAE completed this week, 2026 represents the peak of Fertiglobe's MIP spending, with maintenance capex expected to normalise from 2027 onwards.
Fertiglobe has delivered over Dh11 billion ($3 billion) in capital returns to shareholders, including all dividends paid and share buybacks since its IPO in October 2021.
This includes the Dh551 million ($150 million) H1 2026 dividend paid in October 2026.
