{"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

<\/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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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":653397,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/adnoc-completes-acquisition-of-ocis-stake-in-fertiglobe\/","url_meta":{"origin":581616,"position":1},"title":"Adnoc completes acquisition of OCI\u2019s stake in Fertiglobe","author":"enterpriseam admin","date":"16 October 2024","format":false,"excerpt":"The transaction increases Adnoc\u2019s stake in Fertiglobe to 86.2%","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/559.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633358,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/14\/fertiglobe-awarded-eur-397-mn-bid-to-supply-europe-with-green-ammonia\/","url_meta":{"origin":581616,"position":2},"title":"Fertiglobe awarded EUR 397 mn bid to supply Europe with green ammonia","author":"enterpriseam admin","date":"14 July 2024","format":false,"excerpt":"The offtake agreement will see Fertiglobe supply the bloc with 19.5k tons of green ammonia annually starting 2027","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/945.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606627,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/19\/fertiglobe-ad-ports-sign-non-binding-agreement-for-storing-ammonia-urea-in-egypts-ports-plus-network-international-and-ecards-are-collaborating-on-digital-cards\/","url_meta":{"origin":581616,"position":3},"title":"Fertiglobe, AD Ports sign non-binding agreement for storing ammonia, urea in Egypt\u2019s ports. 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