Yara Proposes NOK 20 Per Share Dividend, Establishes Clean Ammonia Unit

Source: www.gulfoilandgas.com 2/9/2021, Location: Europe

Yara reports improved fourth-quarter deliveries, offsetting the impact of higher energy cost. Fourth-quarter net income was USD 246 million (USD 0.93 per share) compared with USD 199 million (USD 0.73 per share) a year earlier.

The main elements of the fourth-quarter results are:
- Improved deliveries and production offset energy cost increase
- NOK 20 per share annual dividend proposed; Total NOK 52 per share cash returns1 paid and proposed for 2020
- Taking steps to enable the hydrogen economy, establishing Clean Ammonia unit
- 8.0% ROIC2, up from 6.6% a year earlier

“Yara delivers its tenth consecutive quarter with improved capital returns, with increased deliveries and production offsetting the impact of higher energy prices. Yara has performed well during 2020, and we propose a NOK 20 per share dividend to the annual general meeting, bringing our total cash distribution to shareholders for 2020 to NOK 52 per share. I would like to give credit to our entire organisation for a solid effort in this demanding year, driven by our strong common purpose,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.

"I am also pleased to announce we are taking further steps to enable the hydrogen economy, establishing a new global unit – Yara Clean Ammonia – to capture growth opportunities within carbon-free food solutions, shipping fuel and other clean ammonia applications, leveraging Yara’s unique existing positions within ammonia production, trade and shipping,” said Holsether.

Fourth-quarter operating income was USD 210 million, compared with USD 211 million a year earlier. Net income excluding currency effects and special items was USD 0.76 per share, compared with USD 0.80 per share in fourth quarter 2019. EBITDA excluding special items was USD 511 million, compared with USD 525 million a year earlier.

Yara’s industry fundamentals are robust, as the twin challenges of resource efficiency and environmental footprint require significant transformations within both agriculture and the hydrogen economy. Yara’s leading food solutions and ammonia positions are well placed to both address and create business opportunities from these challenges.

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