OCI posts strong results as revenue soars by 82%

Global chemicals producer OCI N.V. announced on Tuesday record results for the 2021 financial year, with revenues rising 82 percent to touch US $6.3 billion.

With an adjusted EBITDA of $2.53 billion, OCI posted an adjusted net profit of $732 million for the full year, the company said in a statement. Buoyed by the strong results, the OCI board declared an interim dividend of 1.45 euros per share, to be paid in April.

The final quarter of 2021 proved to be especially profitable for the company, with revenues rising 112 percent to $2.2 billion and adjusted EBITDA soaring 291 percent to $1.04 billion, when compared to the same period in 2020. Adjusted net profit for the quarter stood at $447 million, as compared to adjusted net loss of $45 million in Q4 2020.

“Our end markets continued their upward trend during the fourth quarter, and we expect H1 2022 also to be strong, driven by attractive farm economics for our nitrogen fertilisers; strong demand in our industrial end markets for ammonia, methanol, melamine and DEF; and our advantaged feedstock costs in MENA and the US,” Ahmed El-Hoshy, CEO of OCI NV, said in a statement.

The company said it will continue to invest in hydrogen and other growth opportunities to be a leader in clean energy.