{"id":89241,"date":"2025-02-14T00:00:00","date_gmt":"2025-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/02\/14\/fertiglobe-dewa-and-emsteels-net-income-drops-in-fy-2024\/"},"modified":"2025-02-14T00:00:00","modified_gmt":"2025-02-14T00:00:00","slug":"fertiglobe-dewa-and-emsteels-net-income-drops-in-fy-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/02\/14\/fertiglobe-dewa-and-emsteels-net-income-drops-in-fy-2024\/","title":{"rendered":"Fertiglobe, Dewa, and Emsteel\u2019s net income drops in FY 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong>Adnoc-owned urea and amm<\/strong><strong>onia producer and exporter Fertiglobe reported a 59% y-o-y <\/strong><strong>dip in adjusted net income to USD 42 mn in 4Q 2024<\/strong>, according to its unaudited <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/862.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Meanwhile, revenues fell 28% y-o-y to USD 466 mn. Fertigobe attributes this drop to a deliberate deferral of 239 kt worth of shipments to early 2025 to take advantage of \u201ctightening urea markets and improved in-season pricing.\u201d This strategy of exploiting higher urea prices is expected to transfer USD 29 mn of net profit to 1Q 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On an annual basis, the company saw a 52% y-o-y decline in net income to USD 173.9 mn in 2024<\/strong>, while revenues for the year decreased 17% y-o-y to USD 2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The driver: Sales volume dropped 9% y-o-y to 5.6 bn tons in 2024, which the company attributed to \u201cstructural measures taken to improve reliability and efficiency levels\u201d and deliberately delayed shipments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> Fertiglobe expects tight supply in spring and rising energy prices will sustain firm fundamentals for the nitrogen market in 2025. Production shortages in main exporting countries\u2014and remarkably low Chinese exports\u2014strengthen the short-term outlook for nitrogen fertilizers. Robust demand for new low-carbon ammonia applications\u2014such as maritime fuels and power production\u2014will buoy long-term outlook.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for the company\u2019s low-carbon ambitions? <\/strong>Fertiglobe has several low-carbon ammonia production projects in the pipeline, with two projects in the UAE \u2014 including one under construction with 1 mn tons capacity and another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4d538d32-199e-4d6a-a221-37f62de3a505\/adnoc-jv-places-a-usd-1.9-bn-order-for-alternative-fuel-carriers\" style=\"\" rel=\"noopener\">under-development project<\/a> with a 2027 targeted start date. The company also expects its owner Adnoc\u2019s joint low-carbon hydrogen and ammonia project with Exxon Mobil to reach a financial close in 2025. Adnoc is slated to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0542d4f2-970a-4b14-a6ab-13556bd6b032\/fertiglobe-reports-first-set-of-earnings-since-adnoc-acquisition,-with-the-producer-set-to-snap-up-adnoc%25e2%2580%2599s-stake-in-exxon%25e2%2580%2599s-texas-hydrogen-project\" style=\"\" rel=\"noopener\">transfer its 35% stake<\/a> in the project over to Fertiglobe when operations begin. The company is also part of a consortium planning green ammonia production at an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f5abf384-29b6-40d9-bc15-0d60974a882e\" style=\"\" rel=\"noopener\">Ain Sokhna ammonia plant<\/a> starting in 2027. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEWA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Dubai Electricity and Water Authority (Dewa) saw its topline increase <\/strong><strong>6.13% y-o-y to AED 7.5 bn in 4Q 2024<\/strong>, while its net income dipped 3% to AED 1.8 bn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/904.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Last quarter followed the same trend, where <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/dfd7dba9-45b5-479f-a165-324dce73d244\/%253cmark%253edewa%253c%2Fmark%253e%25e2%2580%2599s-revenue-rises,-profits-dip-in-3q-2024\" style=\"\" rel=\"noopener\">revenues increased<\/a> on the back of high electricity demand, while net income fell. Dewa\u2019s clean power generation also rose 12.83% to 1.57 TWh during the quarter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On an annual basis, Dewa\u2019s revenues rose 6% y-o-y to a <\/strong><strong>record <\/strong><strong>AED <\/strong><strong>31 bn in 2024, <\/strong>while net income for the year dipped 8.8% y-o-y to AED 7.2 bn, slightly lower than <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e74f6c4e-c255-43d8-8490-5fe693190e58\" style=\"\" rel=\"noopener\">2023\u2019s AED 7.9 bn<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dewa\u2019s clean power generation peaked in 2024 with 6.62 TWh<\/strong>, and it also saw its highest peak power demand at 10.76 GW and its highest annual desalinated water production at 150.48 BIG. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s more clean energy to come: <\/strong>Dewa has a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/bb053132-24a2-4886-a66e-5d8a34ba2785\/\" style=\"\" rel=\"noopener\">1.<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/bb053132-24a2-4886-a66e-5d8a34ba2785\/\" style=\"\" rel=\"noopener\">8 GW solar PV plant<\/a> in the works. The company also issued an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e22cc760-de14-460b-8f12-3738e995c257\/today:-all-the-latest-from-cop29-%2B-egypt-continues-its-renewables-push\" style=\"\" rel=\"noopener\">advisory service tender<\/a> in November for an Independent Power Producer (IPP) project comprised of a 1.6 GW solar PV plant and a 1 GW Battery Energy Storage System in November, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b981775b-07cb-4a1c-9043-051c3e8b395f\/today:-oman-kicks-off-production-at-its-first-solar-panel-production-facility\" style=\"\" rel=\"noopener\">another tender<\/a> for the design, supply, installation, and commissioning of a 2.5 MW alkaline electrolyzer project back in August.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EMSTEEL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emsteel<\/strong><strong>, formerly Emirates Steel Arkan, saw its net income drop <\/strong><strong>34.9% y-o-y to <\/strong><strong>AED 392 mn in FY 2024<\/strong>, compared to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c7193fba-e392-428e-b98e-e81db0839a9b\/%253cmark%253eemirates%253c%2Fmark%253e%253cmark%253e-steel%253c%2Fmark%253e-arkan-net-income-surges-in-2023\" style=\"\" rel=\"noopener\">FY 2023<\/a>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/1171.pdf\" style=\"\" rel=\"noopener\">preliminary financial results (pdf)<\/a> published to the ADX on Wednesday. The company saw its revenues drop 6% y-o-y to AED 8.3 bn in the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eyes on Emsteel\u2019s decarbonization ventures: <\/strong>Emsteel piloted its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ba5447a5-a5bd-4fc2-9747-13ebb5b17420\/masdar-and-emsteel-commence-operations-at-green-steel-plant\" style=\"\" rel=\"noopener\">green hydrogen-powered<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ba5447a5-a5bd-4fc2-9747-13ebb5b17420\/masdar-and-emsteel-commence-operations-at-green-steel-plant\" style=\"\" rel=\"noopener\">steel project<\/a> in partnership with Masdar last October. The firm is also conducting a feasibility study for an Abu Dhabi-based low-carbon iron joint venture project, and has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a80519af-afe1-40f5-8879-b22f59dab0bb\/\" style=\"\" rel=\"noopener\">appointed<\/a> co-chair of the International Renewable Energy Agency\u2019s Alliance for Industry Decarbonisation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TAQA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi National Energy Company (<\/strong><strong>Taqa<\/strong><strong>) reported a 46.8% y-o-y decline in 4Q <\/strong><strong>2024 net income to AED 750 mn<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/1311.pdf\" style=\"\" rel=\"noopener\">management discussion and analysis report (pdf)<\/a>. Revenues grew 8.9% y-o-y to AED 13.4 bn, driven by the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bf4fe609-83b9-42cd-9286-940e7faa8b4b\/abu-dhabi%25e2%2580%2599s%253cmark%253e-taqa%253c%2Fmark%253e-completes-aed-1.7-bn-acquisition-of-sws-holding\" style=\"\" rel=\"noopener\">acquisition of Sustainable Water Solutions Holding, which was later consolidated with Taqa Water Solutions<\/a> and strong contributions from its transmission and distribution segment, according to a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/1310.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taqa\u2019s net income edged up 1.5% y-o-y to AED 7.1 bn in 2024<\/strong>, excluding one-off items. These included AED 10.8 bn tied to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/2\/1350.pdf\" style=\"\" rel=\"noopener\">acquisition (pdf)<\/a> of a 5% stake in Adnoc Gas and an AED 1.1 bn deferred tax charge due to UAE\u2019s new corporate tax. Annual revenues climbed 6.7% y-o-y to AED 55.2 bn. Taqa invested AED 9.2 bn during the year, up 63.8% y-o-y, covering construction progress on the Mirfa 2 Reverse Osmosis and Shuweihat 4 Reverse Osmosis RO desalination projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regional and global green energy <\/strong><strong>highlights<\/strong><strong>:<\/strong> The firm expanded its renewables portfolio as Masdar \u2014 in which Taqa is a main shareholder \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/8bccb3df-09eb-45a3-9c6c-9e9568c60978\/masdar-finalizes-50%2525-acquisition-of-us-renewables-firm-terra-gen\" style=\"\" rel=\"noopener\">acquired a 50% stake<\/a> in US-based Terra-Gen Power Holdings II, whose portfolio comprises solar, wind, and battery projects. Masdar has also acquired Spanish firms <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/edition\/climate\/1e44e3cc-a9b9-49c2-8f17-4f4c13c257cb\/masdar-to-acquire-spanish-renewables-firm-saeta-yield-for-usd-1.4-bn\" style=\"\" rel=\"noopener\">Endesa<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/2e7a6a2f-40cb-40e2-ae3d-d57c6b45a33c\/masdar-to-acquire-spanish-renewables-firm-saeta-yield-for-usd-1.4-bn\" style=\"\" rel=\"noopener\">Saeta Yield<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fertiglobe\u2019s revenues fell 28% y-o-y to record USD 466 mn<\/p>\n","protected":false},"author":1,"featured_media":89242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[80,384,74,100,154,105,550,11,430,319,39,160,94,42,561,52,46],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-adnoc","tag-ammonia","tag-decarbonization","tag-desalination","tag-dewa","tag-earnings-watch","tag-emsteel","tag-enterpriseclimate","tag-exxon","tag-fertiglobe","tag-green-hydrogen","tag-masdar","tag-solar","tag-solar-energy","tag-taqa-arabia","tag-uae","tag-wind-energy","wpautop","entry"],"acf":{"mongo_id":"a6bf4dc1-0b33-43d8-9e51-4aecbe42c78a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1053.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fertiglobe, Dewa, and Emsteel\u2019s net income drops in FY 2024","related_issue":[89228],"teaser":"Fertiglobe\u2019s revenues fell 28% y-o-y to record USD 466 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.a6ac4aee-ce50-4dd6-bc9a-f28e1acce200.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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