Adds quotes, background OSLO, Oct 20 (Reuters) - Norwegian
Adds quotes, background
OSLO, Oct 20 (Reuters) – Norwegian fertiliser firm Yara YAR.OL proposed an additional dividend of 18 Norwegian crowns ($1.93) per share on Tuesday and reported third-quarter core earnings above expectations.
Yara’s July-Sept. earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA), excluding non-recurring gadgets, fell 11% year-on-year to $558 million, whereas analysts on common had forecast $544 million in accordance with Refinitiv.
The Oslo-listed firm, one of many world’s largest producers of nitrogen fertilisers, stated the decrease revenue primarily mirrored weaker nitrogen costs.
“Our crop vitamin centered enterprise mannequin continues to carry out strongly,” Chief Government Svein Tore Holsether stated in an announcement.
“Fertiliser and meals demand is resilient additionally in instances of disaster, and guaranteeing continuity in meals manufacturing and associated worth chains stays a prime precedence for all nations,” Yara added.
The corporate accomplished the sale of its 25% stake in Qatar Fertiliser Firm to Qatar Petroleum for $1 billion in August, and shortly after initiated a share buyback programme of as much as 5% of its personal shares.
The additional dividend of 18 crowns within the fourth quarter will increase Yara’s money payout to shareholders in 2020 to 53 crowns, the corporate stated.
The value for Yara of pure gasoline, a key part within the manufacturing of nitrogen fertilisers, is anticipated to be $40 million larger in each the fourth quarter of 2020 and the primary quarter 2021 in comparison with a yr earlier, it stated.
($1 = 9.3219 Norwegian crowns)
(Reporting by Victoria Klesty; enhancing by Terje Solsvik)
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