ICL has released its financial results for 4Q16.
Consolidated sales for the 4Q16 were US$1338 million, compared to US$1427 million recorded for 4Q15. The company stated an operating income of US$72 million, compared with US$146 million for 4Q15.
The company’s adjusted operating income was US$140 million (US$233 million for 4Q15).
ICL’s acting CEO, Asher Grinbaum, commented: “We are pleased with the company’s performance in light of a challenging business environment. We continue to diligently control costs and working capital while carefully allocating our resources and continuing to implement our growth strategy. These measures have helped us to mitigate the impact of commodity prices. While we cannot control prices, we can mitigate their impact by improving our asset competitiveness, cost base and business diversification. At the same time, we focus on growing the specialties side of our company which helped to partially mitigate the major commodity-side challenges that we faced this year.”
“In 2017 we will continue to focus on commercial and operational excellence with a vale creation target of US$100 million compared to 2016. These initiatives include efficiency measures, better production utilisation, increased sales of new products and services and better pricing, especially in our specialty businesses. We are very proud of our achievements in these areas over the past two years, and they are well-positioning ICL to become a strong, more resilient company in 2017 and for years to come.”
Read the article online at: https://www.worldfertilizer.com/phosphates/17022017/icl-reports-4q16-results/