OCI publishes 1Q21 results
Published by Nicholas Woodroof,
Revenues increased 38% to US$1120 million and adjusted EBITDA increased 134% to a record US$452 million in 1Q21 as compared to 1Q20.
The company recorded an adjusted net profit of US$94 million in 1Q21 compared to an adjusted net loss of US$82 million in 1Q20.
The company's net debt was US$3.4 billion as of 31 March 2021, down US$306 million from 31 December 2020
Based on current visibility on volumes and pricing, the company expects a stronger second quarter with higher adjusted EBITDA than in 1Q21, and expects further deleveraging during 2Q21.
Following board approvals, Fertiglobe, a 58%/42% OCI and Abu Dhabi National Oil Company (ADNOC) partnership, has started preparations for a potential IPO in Abu Dhabi, subject to market conditions.
OCI has taken steps to further decarbonise its portfolio with the ability to produce up to 365 000 tpy of blue ammonia at OCI Beaumont in Texas, US, starting 2H21.
OCI has established a new Clean Fuels business unit, adding low carbon products including ammonia to its current and fast-growing biofuels offering.
As ammonia and methanol will play a key role to decarbonise many sectors in the hydrogen economy and outright as clean fuels, OCI has taken the decision that any potential strategic action for the methanol business will be in the form of a partnership rather than a full divestment.
Read the latest issue of World Fertilizer in full for free: April 2021
The April issue of World Fertilizer begins with a regional report that examines the opportunities and challenges currently facing Latin America’s fertilizer industry. The remainder of the issue is dedicated to a range of technical articles covering ammonia, blending and bagging, plant design, fertilizer cargo measurement and fertilizer storage. Our World Review of fertilizer projects in Africa and the Middle East, Asia Pacific, Europe and CIS and the Americas rounds off the issue.
Read the article online at: https://www.worldfertilizer.com/nitrogen/06052021/oci-publishes-1q21-results/
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