Vertiglobe Company, listed on the Abu Dhabi Securities Exchange, achieved an increase in revenues by 118% to reach $1.2 billion (AED 4.4 billion).

And according to Arab Net, the company clarified in a statement today, Thursday, during which it announced its financial results for the first quarter of 2022, that its adjusted earnings before interest, tax, depreciation and amortization increased by 171% to reach $625 million (2.3 billion). dirhams) compared to the first quarter of 2021.

The company achieved a significant increase in adjusted net income by 332% year-on-year, and free cash flows increased to $521 million (AED 1.9 billion) from $151 million (AED 0.6 billion) during the first quarter of 2021.

Vertiglobe CEO Ahmed Al Hoshi said: We currently expect dividends for the first half of this year to exceed $700 million (AED 2.6 billion), an increase from our previous trends of $200 million (AED735 million). ) at least, on the back of continued favorable market conditions, current price and sales visibility, higher cash flow and our strong capital structure.

He added: We look forward to achieving better performance during the second quarter, as we expect to benefit from a strong demand rate during the fertilizing season, postponing some sales from the first quarter to the second quarter and increasing selling prices, and that the majority of quantities have been committed. Already produced for the second quarter, which provides us with a good outlook, and prepares us for the third and final quarters of 2022.