ICL said it earned 4 cents per diluted share in 4Q19 excluding one-time items, up from 1 cent a year earlier. Sales declined to US$1.1 billion from US$1.4 billion.
The plant upgrade is expected to increase annual potash production by about 5%.
ICL’s results were also negatively impacted by the continued delay in the signing of a potash supply agreement in China and the weak commodity fertilizer environment.
Earnings were boosted by lower financing expenses due to profit from hedging transactions.
ICL is the world’s sixth-largest producer of potash, with exclusive rights in Israel to extract minerals from the Dead Sea.
Potash sales, which accounted for 24% of the group total, declined to US$302 million in the quarter from US$515 million a year earlier. The average selling price per tonne edged down to US$274 from US$292, while output fell to 844 000 t from 1.2 billion.
Read the article online at: https://www.worldfertilizer.com/potash/13022020/israel-chemicals-reports-4q19-results/