Fertiglobe, the chemicals joint venture between Abu Dhabi National Oil Company and Netherlands-listed OCI, registered a more than eightfold increase in its net profit for the first six months of the year, as higher global prices for urea and ammonia boosted its performance.
Profit attributed to the owners of the company reached $198.5 million for the period ending June 30, compared with $23m for the same period last year.
Revenue surged nearly 71 per cent to reach $1.26 billion, from $737.5m earned during the same period last year.
Fertiglobe is the world’s largest seaborne exporter of urea and ammonia. The company recently raised about $795m in its initial public offering, amid strong demand from international, regional and local investors.
The company – which is also the Mena region’s largest producer of nitrogen fertilisers by production capacity – sold more than 1.145 billion shares representing 13.8 per cent of its share capital.
Its listing is the third-largest on the Abu Dhabi Securities Exchange, with Fertiglobe's market value at $5.8bn.
The company attracted three cornerstone investors with commitments of $231m. They are the Abu Dhabi Pension Fund, Singapore's sovereign wealth fund GIC and San Francisco-based activist investor Inclusive Capital Partners.
Fertiglobe will start trading on the ADX at 10am UAE time on October 27, subject to closing conditions. It will appear under the ticker “Fertiglobe” and the International Securities Identification Numbering (Isin) code “AEF000901015”.
The Netherlands-listed OCI will continue to have the majority stake in Fertiglobe, with Adnoc holding on to 36.2 per cent of the share capital.
Fertiglobe plans to increase its dividend to $200m, from $150m, with the payout for the second half of the current financial year due in April 2022.
The company expects to distribute a dividend of at least $400m, up from $315m in the financial year ending December 2022.
Fertiglobe will pay half of the dividend amount in October 2022, with the remainder scheduled to be paid in April 2023.
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Naga
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