{"id":581616,"date":"2023-02-16T00:00:00","date_gmt":"2023-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/fertiglobe-emaar-report-bumper-earnings-in-2022\/"},"modified":"2023-02-16T00:00:00","modified_gmt":"2023-02-16T00:00:00","slug":"fertiglobe-emaar-report-bumper-earnings-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/fertiglobe-emaar-report-bumper-earnings-in-2022\/","title":{"rendered":"Fertiglobe, Emaar report bumper earnings in 2022"},"content":{"rendered":"

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<\/p>\n

<\/span>A good year for Fertiglobe: <\/span>The MENA fertilizers firm \u2014 a joint venture between Adnoc <\/span>and the Sawiris-owned OCI \u2014 saw its full year adjusted net income rise 75% y-o-y to USD 1.3 bn in 2022, the company said in a <\/span>statement (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span>, on the back of higher selling prices amid the Russia-Ukraine conflict. Adjusted EBITDA was up 59% to USD 2.5 bn. Revenues were up by half to register USD 5 bn. <\/span><\/p>\n

Fertilizer prices are cooling: <\/span>Fertiglobe\u2019s revenues fell 11% y-o-y to USD 1.1 bn in 4Q 2022, while adjusted EBITDA was down 27% y-o-y to USD 427 mn, on the back of lower urea prices and plant turnarounds in the UAE and Egypt. <\/span><\/p>\n

Fertiglobe will pay out dividends of USD 700 mn for the second half of 2022<\/span>,, bringing <\/span>total dividends<\/a><\/span> for the full year to USD 1.45 bn. <\/span><\/p>\n

And for Emaar Properties:<\/span> Dubai\u2019s largest listed real estate company posted an 80% <\/span>y-o-y rise in net income to AED 6.8 bn in 2022, a <\/span>press release (pdf)<\/a><\/span> showed. Revenues were up 11% to AED 24.9 bn on the back of a stronger Dubai property market and a rebound in global tourism. Property sales hit a record AED 35.1 bn thanks to new project launches. <\/span><\/p>\n

Emaar is \u201cseriously looking at\u201d potential new investments in Egypt<\/span>, company chairman and founder Mohamed Alabbar told Al Arabiya TV in an interview (<\/span>watch, runtime: 11:59<\/a><\/span>.) <\/span>He acknowledged \u201ctough economic conditions\u201d in the country but said now was an ideal time to invest, noting that Emaar has set aside some AED 1 bn in contingencies, in part to account for currency fluctuations in Egypt and Turkey. <\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,523<\/span><\/p>\n<\/td>\n

\n

+0.5% (YTD: +20.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.52<\/span><\/p>\n<\/td>\n

\n

Sell 30.62<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.52<\/span><\/p>\n<\/td>\n

\n

Sell 30.62<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,573<\/span><\/p>\n<\/td>\n

\n

+0.7% (YTD: +0.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,990<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: -2.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,464<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +3.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,148<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +8.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,998<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +7.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,280<\/span><\/p>\n<\/td>\n

\n

+1.0% (YTD: +12.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 85.38<\/span><\/p>\n<\/td>\n

\n

-0.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.46<\/span><\/p>\n<\/td>\n

\n

-0.6%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,845.00 <\/span><\/p>\n<\/td>\n

\n

-0.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 24,587<\/span><\/p>\n<\/td>\n

\n

+11.0% (YTD: +48.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 rose 0.5% at yesterday\u2019s close<\/span> on turnover of EGP 2.67 bn (40% above the <\/span>90-day average). Foreign investors were net sellers. The index is up 20.0% YTD.<\/span><\/p>\n

In the green: <\/span>Credit Agricole Egypt (+6.4%), Sidi Kerir Petrochemicals (+6.2%) and Juhayna (+5.1%).<\/span><\/p>\n

In the red: <\/span>Talaat Moustafa Holding (-2.1%), MOPCO (-2.1%) and Taleem Management Services (-1.4%).<\/span><\/p>\n

Asian markets are in the green across the board in early trading this morning<\/span> and future<\/span>s suggest a similarly sunny outlook for European and US markets when they open later on today. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A good year for Fertiglobe: The MENA fertilizers firm \u2014 a joint venture between Adnoc and the Sawiris-owned OCI \u2014 saw its full year adjusted net income rise 75% y-o-y to USD 1.3 bn in 2022, the company said in a statement (pdf), on the back of higher selling prices amid the Russia-Ukraine conflict. Adjusted […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7210],"tags":[1527,72,1585,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581616","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-emaar-misr","tag-enterpriseam","tag-fertiglobe","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4c301b0c-0e54-4cd0-81c6-4fac96caaf84","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg,https:\/\/download.efghermesone.com\/","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581585],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.fabdd609-c5ae-4388-85ea-afe23f7713a5.mp3"},"yoast_head":"\nFertiglobe, Emaar report bumper earnings in 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/fertiglobe-emaar-report-bumper-earnings-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fertiglobe, Emaar report bumper earnings in 2022\" \/>\n<meta property=\"og:description\" content=\"A good year for Fertiglobe: The MENA fertilizers firm \u2014 a joint venture between Adnoc and the Sawiris-owned OCI \u2014 saw its full year adjusted net income rise 75% y-o-y to USD 1.3 bn in 2022, the company said in a statement (pdf), on the back of higher selling prices amid the Russia-Ukraine conflict. 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The company is offering a 13.8% stake (1.1 mn\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586379,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/fertiglobe-aramco-post-lower-earnings-in-1q-as-oci-reconsiders-listing-venue\/","url_meta":{"origin":581616,"position":1},"title":"Fertiglobe + Aramco post lower earnings in 1Q as OCI reconsiders listing venue","author":"enterpriseam admin","date":"10 May 2023","format":false,"excerpt":"The company\u2019s produced green ammonia from its 100-MW hydrogen plant in Egypt during the quarter","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/549.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556026,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/sawiris-backed-fertiglobe-to-list-on-adx-next-month\/","url_meta":{"origin":581616,"position":2},"title":"Sawiris-backed Fertiglobe to list on ADX next month","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"Sawiris-backed Fertiglobe to go public in Abu Dhabi this month: Nassef Sawiris-backed chemical producer OCI and Abu Dhabi National Oil Company (Adnoc) yesterday announced their intention to offer a 13.8% stake in their joint venture Fertiglobe on the ADX later this month. The listing could value the company at around\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/saudi-aramco-fertiglobe-report-lower-earnings-following-bumper-2022\/","url_meta":{"origin":581616,"position":3},"title":"Saudi Aramco, Fertiglobe report lower earnings following bumper 2022","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"Saudi Aramco\u2019s 3Q earnings drop on the back of production cuts and falling oil prices: Saudi oil giant Saudi Aramco posted a 23% y-o-y drop in its 3Q earnings, according to an earnings release (pdf) yesterday. Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556530,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/fertiglobe-shares-jump-20-on-adx-debut\/","url_meta":{"origin":581616,"position":4},"title":"Fertiglobe shares jump 20% on ADX debut","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Fertiglobe shares jumped 20% in theirADX debut yesterday before closing 17.6%higher at AED 3.06 per share. The joint venture between the state-owned Abu Dhabi National Oil Co. (Adnoc) and Nassef Sawiris\u2019 OCI raised some USD 795 mn in last week\u2019s IPO, pricing shares at AED 2.55 apiece. The listing was\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549852,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/03\/em-bond-funds-see-massive-outflows-amid-risk-off-wave-stronger-usd\/","url_meta":{"origin":581616,"position":5},"title":"EM bond funds see massive outflows amid risk-off wave, stronger USD","author":"enterpriseam admin","date":"3 October 2022","format":false,"excerpt":"Emerging-market bond funds have seen a record USD 70 bn of outflows so far this year, with investors pulling USD 4.2 bn in the past week alone, the Financial Times reports citing JPMorgan\u2019s analysis of EPFR Global data. Emerging markets are up against a continuing surge in interest rates in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581616"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581616\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581585"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581616"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581616"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}