Abu Dhabi - Mubasher: The ordinary general meeting (OGM) of Fertiglobe, a joint venture between ADNOC and OCI, has approved the first post-initial public offering (IPO) cash dividend distribution of $340 million.

The cash dividends of 15 fils per share will be paid for the six months (6M) ended 31 December 2021, according to a recent press release.

The dividend payout is driven by the company's solid performance in 2021, with an increase of 113% year-on-year (YoY) in revenues and 242% in adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA).

Meanwhile, the company’s original guidance is valued at least $240 million.

The Chairman of Fertiglobe, Sultan Ahmed Al Jaber, said: "As such, with our vast range of projects in Abu Dhabi and Egypt through which we are moving fast in delivering on low or no-carbon ammonia production, we are clearly demonstrating the UAE’s vision for a sustainable future."

Meanwhile, the CEO of Fertiglobe, Ahmed Al Hoshy, commented: "As demonstrated by the attractive dividend paid in April 2022, we are committed to returning value to shareholders and have recently increased our H1 2022 dividend guidance to at least $700 million, well above the previous guidance of at least $200 million."

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company's net profits attributable to the owners of Fertiglobe hiked to $356.6 million, compared to $85.2 million in the same period of 2021.