Fertiglobe, MENA’s largest producer of nitrogen fertilizers and the world’s largest seaborne exporter of urea and ammonia, is showing off its A+ report card — a whopping 2,000% increase in net profit attributable to shareholders in Q3 compared to the year earlier period. Fertiglobe’s earnings can be attributed to the global market demand for urea and ammonia in key import markets is driving prices.
Guess ADNOC is celebrating, given it’s one of the joint-venture owners of Fertiglobe. ADX is probably joining the party, given that Fertiglobe is the third-largest listing on its exchange – the more bragging rights, the better.
why it matters
Given that Fertiglobe just IPO'd, this is a big win for the status of Gulf bourses, paving an attractive red carpet for future companies that go public.