OCI has released its 3Q16 trading update, which includes the following highlights:
- Own-produced volumes sold increased 42% in 3Q16 compared to 3Q15.
- Egypt urea utilisation rate c.80% during 3Q16 and 100% in September and October 2016.
- Selling prices reached bottom in 3Q16, recovery in October and November.
- All short-term debt repaid or refinanced, no debt maturing until late 2018.
- Net debt stood at CAN$4.3 billion as of 30 September 2016, unchanged from 30 June 2016.
- Iowa Fertilizer Company start-up is imminent, first product expected in December 2016.
- Natgasoline 66.8% complete as at 30 September 2016.
- Cost savings programme of US$100 million, of which US$65 million already in place and to be reflected in 2017.
- Additionally, CAN$40 million annual benefits expected from EGP devaluation.
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