Fertiglobe, a chemical joint venture between Abu Dhabi National Petroleum Corporation and OCI listed in the Netherlands, saw its net profit more than eightfold in the first six months of this year, as the global price increase of urea and ammonia boosted its performance. As of June 30, the profit attributable to company owners reached 198.5 million U.S. dollars, compared with 23 million U.S. dollars in the same period last year. Revenue soared by nearly 71% from US$737.5 million in the same period last year to US$1.26 billion.

Fertiglobe is the world's largest seaborne exporter of urea and ammonia. Due to strong demand from international, regional and local investors, the company recently raised approximately US$795 million in an initial public offering. The company is also the largest producer of nitrogen fertilizers in the Middle East and North Africa-it sold more than 1.145 billion shares, accounting for 13.8% of its equity. Keywords: engineering news, engineering construction

Its listing on the Abu Dhabi Stock Exchange ranks third, and Fertiglobe has a market value of US$5.8 billion. The company attracted three cornerstone investors with a pledge of US$231 million. They are Abu Dhabi Pension Fund, Singapore Sovereign Wealth Fund GIC and San Francisco-based activist investor Inclusive Capital Partners. Fertiglobe will begin trading on ADX at 10 am UAE time on October 27, subject to closing conditions. It will appear under the stock code "Fertiglobe" and the International Securities Identification Number (Isin) code "AEF000901015". OCI, listed in the Netherlands, will continue to hold a majority stake in Fertiglobe, while Adnoc will hold 36.2% of the share capital. Fertiglobe plans to increase the dividend from 150 million U.S. dollars to 200 million U.S. dollars. The dividend in the second half of this fiscal year will expire in April 2022. The company expects to pay a dividend of at least US$400 million, up from US$315 million for the fiscal year ending in December 2022. Editor/Xing Wentao