Fertiglobe, Sodic report 1Q earnings

UAE-based Fertiglobe’s bottom line nearly doubled in 1Q 2026 and Egyptian operations ran at full throttle. Fertiglobe’s net income rose 98% y-o-y to USD 145 mn during the quarter, according to its earnings release (pdf). Revenues came in at USD 915 mn, up 32% y-o-y.

Egyptian units were the star of the show, with local operations turning in their best-ever performance with zero downtime across units. Operating rates at the EFC exceeded 105%, while urea utilization across the entire platform hit 96%, up from 87% in 1Q 2025, CEO Ahmed El-Hoshy said.

BACKGROUND- The blockade of the Strait of Hormuz is causing a global fertilizer crisis andthreatening food security, putting pressure on supply chains and prices. Egypt is at a crossroads as both a natural gas producer and a major fertilizer exporter. The Madbouly government recently lined up USD 740 mn worth of investment from Singapore-based Indorama and local player Polyserve, both of which are investing in production capacity in the Sokhna Industrial Zone.

MEANWHILE- Our friends at real estate giant Sodic reported net income of nearly EGP 280 mn (-45.8% y-o-y) on revenues of EGP 1.86 bn (+30%), according to the company’s 1Q 2026 financial statements (pdf).