Yara International ASA recently reported strong financial results for fourth quarter 2007 due to improved fertilizer prices, strong volume growth for both fertilizer and industrial products, and a gain on the establishment of the Yara Praxair joint venture.
With the integration of Kemira GrowHow firmly on track, Yara reports fourth-quarter net income after minority interest of NOK2.044mm, compared with NOK891m last year. Fourth-quarter operating income stood at NOK1.494m compared with NOK521m last year, while EBITDA for the quarter was NOK2.531m compared with NOK1.351m in the same period of the previous year.
“We continue to deliver strong financial performance with further margin improvements and volume growth. The global fertilizer market is tight with growing demand and limited new capacity, resulting in substantial fertilizer price increases to balance the market. The price increases have more than compensated for higher energy costs,” noted Thorleif Enger, President and CEO of Yara International ASA.
Enger continued, “The integration of Kemira GrowHow into Yara’s operations is progressing well, with additional synergies of approximately NOK140m (Yara share) now identified for the UK joint venture. The prospects for the acquired activity have improved significantly with the tightening of the phosphate market, and we are enthusiastic about opportunities to expand phosphate rock production in Finland.”
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