Israeli fertiliser group ICL's Q3 profit jumps as potash prices double

Icl

09/11/2022 10:49

JERUSALEM, Nov 9 (Reuters) - Israel's ICL Group (ICL)
 ICL.TA   ICL.N  on Wednesday reported a stronger than expected
rise in third-quarter profit, boosted by a more than doubling in
potash prices.
    The fertiliser and speciality chemicals company said it
earned 49 cents per diluted share in the July to October period,
up from 17 cents a year earlier. Revenue rose 41% to $2.5
billion, helped by a 114% jump in potash sales.
    The company was forecast to earn 45 cents a share on revenue
of $2.7 billion, according to I/B/E/S data from Refinitiv.
    ICL noted that the average potash price per tonne of $652
was 106% higher than last year, "as prices remained elevated due
to continued uncertainty in global fertilizer markets".
    "All three of our specialties businesses delivered record
third-quarter results, even with shifts in demand and continued
global supply chain challenges," Chief Executive Raviv Zoller
said.
    ICL is one of the world’s largest producers of potash, a key
ingredient in fertilizers, with exclusive rights in Israel to
extract minerals from the Dead Sea. It also produces other
specialty minerals such as bromine and phosphate.
    The company - whose New York-listed shares are down 9.4%
this year - said it expected 2022 adjusted earnings before
interest, taxes, depreciation and amortisation (EBITDA) to reach
the upper end of its previously issued guidance range of $3.8
billion-$4.0 billion.
    Over the first nine months of the year, adjusted EBITDA was
$3.3 billion.
    ICL said it would pay next month a quarterly dividend of
24.35 cents per share, or about $314 million, up from 8.37 cents
per share, or $107 million, a year earlier.
 (Reporting by Steven Scheer; Editing by Jan Harvey)
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters
Messaging: steven.scheer.thomsonreuters.com@reuters.net;
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