World Courant
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The stage was set for brand spanking new outcomes for fertilizer large Yara on Friday.
The corporate posted a pre-tax revenue of $12 million on income of $3.8 billion within the third quarter. Gross sales present a pointy decline in comparison with the identical interval final yr, when gross sales amounted to $6.2 billion.
The corporate was anticipated upfront to current a pre-tax results of $313 million, in accordance with estimates obtained from TDN Direkt.
– The third quarter outcome was negatively affected by a pointy drop in costs in comparison with the identical interval final yr, placing strain on margins for your entire sector. Though the underlying demand elements for the sector are constructive, nitrogen markets are influenced by the geopolitical scenario and volatility within the uncooked materials market, says Yara CEO Svein Tore Holsether.
Though turnover is declining, the variety of deliveries has elevated by seven p.c in comparison with the identical interval final yr.
The article continues beneath the commercialTo this point this yr, the inventory is up two p.c on the Oslo Inventory Change, however there have been huge swings. In March, the share worth reached a brand new file excessive, buying and selling for NOK 431 on the Oslo Inventory Change. On the finish of the buying and selling day on Thursday, one share was buying and selling for NOK 387.9.
Squeeze
Final yr was a really difficult yr for Yara; the corporate discovered itself in the midst of a major financial and geopolitical disaster when Russia invaded Ukraine.
To make so-called complete fertilizers, Yara relies on the uncooked supplies phosphate, potassium and nitrogen. A number of the firm’s primary suppliers in areas equivalent to potassium and phosphate had been Russian firms with ties to Kremlin authorities.
Yara selected to not utterly reduce ties with Russian suppliers, as a result of Russian uncooked supplies had been just too vital for the world’s meals chains and fertilizer manufacturing. Half of the meals produced on this planet right this moment is produced utilizing mineral fertilizers.
Because the EU imposed sanctions on various house owners and firms, Yara introduced it was halting purchases from Russian suppliers linked to sanctioned entities and people. Yara has since diminished imports from non-sanctioned Russian suppliers and changed Russian uncooked supplies with uncooked supplies from suppliers within the Center East, North Africa, North America and the Caribbean.
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Revealed: 25.08.23 — 11:58
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Robust decline for Yara within the third quarter
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