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Uralkali announces 2019 full year results

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World Fertilizer,

Uralkali has published its financial statements for 2019.

FY 2019 financial highlights

  • Revenue up 1% y/y to US$2782 million.
  • Net revenue up 4% y/y to US$2364 million.
  • EBITDA up 8% y/y to US$ 578 million.
  • EBITDA margin is 67%.
  • Cash COGS is US$43.8/t.
  • Average FCA export price up 11% y/y to US$235/t of potassium chloride (KCl).

FY 2019 operational highlights

  • Production volume down 3% y/y to 11.1 million t of KCl.
  • Sales volume down 12% y/y to 9.8 million t of KCl.

FY 2019 corporate highlights

  • In June the company signed a pre-export facility with 13 international banks for tranches of US$725 million and €650 million. The interest rate is LIBOR plus a 190 bps margin for the US$ tranche and EURIBOR plus a 170 bps margin for the EURO tranche with a loan maturity of 5 years. The loan was used for refinancing of Uralkali’s existing loans and general corporate purposes.
  • In June Uralkali’s AGM decided not to pay dividends on the outstanding common registered shares of Uralkali for 2018, to pay dividends on the outstanding preferred shares of the company in the amount of RUB0.1 per preference share. The decision regarding the payment of minimal dividends on the outstanding preferred shares was recommended by the Board of Directors in order to support the current balance of voting and non-voting shares of the Company and thereby ensure that the current percentage of voting shares of the minority shareholders of Uralkali is preserved.
  • In October the company successfully placed its US$500 million Eurobond offering maturing in 2024 with an annual coupon rate of 4%, reflecting strong demand from high-calibre global institutional investors, including those from the US, the UK and Europe.

Dmitry Osipov, Uralkali CEO, commented: "A decrease in demand for potassium chloride in 2019, across almost all consumption regions, did not significantly affect Uralkali’s main financial indicators, largely due to our quick response to changes in the market environment. Industry fundamentals remain strong, and demand in a number of key markets will begin to gradually recover in 2020. At the end of this year, we expect a potash consumption growth compared to the reporting period."

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