Fertiglobe’s UAE export rate rose to 95% of production in the third quarter, while reported profit attributable to shareholders dropped 90% as weaker urea benchmarks and higher costs weighed on earnings.
Revenue for the three months ended Sept. 30 reached $904.5 million, up 19% year over year. Fertiglobe said stronger ammonia prices and sales volumes helped lift revenue, partly offsetting lower urea prices and work at its EBIC plant in Egypt. The producer has capacity for 6.6 million tonnes of urea and merchant ammonia across operations in the UAE, Egypt and Algeria.
The company’s third-quarter averages were $493 per tonne for Egyptian free-on-board urea and $719 per tonne for Northwest Europe CFR ammonia. Both benchmarks fell from the previous quarter: urea was down 32%, while ammonia declined 17%.
Adjusted net profit was $51.2 million, down 62% from a year earlier. Adjusted EBITDA, a measure of operating earnings, fell 19% to $231.3 million, and its margin narrowed to 25.6% from 37.7%. The adjusted comparison excludes a $107.1 million reversal of an uncertain tax position related to the EFC goodwill case in the year-earlier period.
Chief Financial Officer Daniel Shook said logistics costs were about $73 million higher in the quarter, including $28 million in conflict-related one-time expenses, according to Investing.com’s transcript of Fertiglobe’s Nov. 12 earnings call. The company’s results report separately records $28.5 million in conflict-related costs.
Fertiglobe said active inventory and logistics management helped support the export recovery amid constraints through the Strait of Hormuz. Chief Executive Officer Ahmed El-Hoshy credited the commercial and logistics teams. The company’s FIT3 program targets an additional $30 million in annual non-gas savings by the end of 2028. Fertiglobe expects to propose a dividend for the second half of 2026 alongside its full-year results.
