Yara . 1Q results impacted by falling prices, but tighter nitrogen market into 2Q

28.04.2023 09:15 "Agro Perspectiva" (Kyiv) — First-quarter EBITDA excl. special items was USD 487 million, compared with USD 1,346 million a year earlier. Net income attributable to shareholders of the parent was USD 104 million (USD 0.41 per share) compared with USD 944 million (USD 3.71 per share) in the first quarter 2022.

The main elements of the first-quarter results are:

Weaker results compared with strong 1Q22, with steep market price declines impacting both sales volumes and margins

Production curtailments of around 0.6 mt ammonia and 1.3 mt finished fertilizers for the quarter

Earnings impacted by ~370 MUSD negative volume effect and 190 MUSD inventory write-downs, more than offsetting lower natural gas cost

Improved operating cash flow including operating capital release

Tighter nitrogen market into second quarter, with strong European demand at new season nitrate prices

«Declining market prices led to lower deliveries and margins in the first quarter, impacting results compared to a strong first quarter last year. However, we see a tighter nitrogen market into the second quarter, with strong European demand at new season nitrate prices and strong farmer affordability metrics indicating higher nitrogen application rates,» said Svein Tore Holsether, President and Chief Executive Officer of Yara.

«I am also pleased with our strategic progress to decarbonize agriculture and serve new clean ammonia segments, announcing our cooperation with Enbridge to construct a world scale low-carbon blue ammonia production facility near Corpus Christi, Texas,» said Holsether.

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