Fourth-quarter EBITDA excl. special items1 was USD 1,067 million, compared with USD 765 million a year earlier. Net income attributable to shareholders of the parent was USD 769 million (USD 3.02 per share) compared with USD 41 million (USD 0.16 per share) a year earlier.
The main elements of the fourth-quarter results are:
- Improved results with strong cash flow and increased returns across all commercial segments
- Improved ammonia production reliability and continued optimization of production amid margin volatility
- Lower deliveries, however improved farmer affordability and profitability metrics ahead of main application season
- Strong organizational performance in 2022 to optimize operations, maintaining supply to customers amid significant raw material sourcing challenges and volatile market conditions
- NOK 55 per share annual dividend proposed, bringing total 2022 distribution to 65 per share
The energy transition, climate crisis and food security have become top priorities globally. With its leading food solutions and ammonia positions, Yara is uniquely positioned to drive these transformations. Furthermore, the volatile operating conditions of the past years has shown the resilience of Yara’s global and flexible business model.
“Yara has delivered solid results throughout a year shaped by war and market volatility. I want to thank the whole Yara organization for all the hard work to navigate a challenging operating environment and continue to provide society with vital products” said Svein Tore Holsether, President and Chief Executive Officer of Yara.
“Yara has demonstrated its resilience in a challenging situation, with its global production and distribution footprint, flexible asset base and world-leading capabilities within ammonia transport and storage. However, I am concerned about European industry. The U.S. Inflation Reduction Act (IRA) will create much-needed decarbonization momentum, and must be matched by swift and bold action by European authorities. If Europe does not act, it risks losing both its ability to decarbonize and important existing industry,” said Holsether.
During 2022, higher prices saw farmers and distributors in some regions postpone purchases, creating supply overhangs and contributing to price declines and low market activity towards the end of 2022 and at the start of 2023. However, the price declines have led to improved farmer affordability and profitability metrics, and catch-up demand potential is seen in most regions.
