OCI Global reported a transformative 2024, highlighted by strategic divestments totalling over $11.6 billion in gross proceeds. These included the sale of OCI Methanol to Methanex, Fertiglobe equity stake to ADNOC, Iowa Fertiliser Company to Koch Industries, and OCI Clean Ammonia to Woodside Energy. These transactions enabled OCI to repay approximately $1.8 billion in debt and distribute $3.3 billion in cash to shareholders in Q4 2024. An additional distribution of up to $1 billion is planned for Q2 2025, potentially bringing total shareholder returns to over $6.4 billion over four years and exceeding $21 billion since the company’s 1999 listing.
Despite lower overall revenue ($4,084 million in FY2024 compared to $5,022 million in FY2023) and adjusted EBITDA ($826 million compared to $1,214 million), OCI’s Continuing Operations (primarily European Nitrogen) saw a 3% year-over-year revenue increase and improved EBITDA, reaching $55 million in FY2024 compared to a $51 million loss in FY2023. This improvement is attributed to higher volumes and lower average natural gas prices, despite increased gas prices in the second half of 2024.
The second half of 2024 showed a 28 percent revenue decrease compared to H1 2023, largely due to divestments. However, Continuing Operations revenue increased 13 percent year-over-year, while the adjusted EBITDA loss improved to $39 million compared to $14 million in H2 2023. OCI’s European Nitrogen segment performed well, generating $466 million in revenue and $7 million in adjusted EBITDA. Higher corporate costs, partially due to transaction-related expenses, offset these gains.
OCI ended Q4 2024 with a net cash position of $1.371 billion, compared to net debt of $2.194 billion at the end of Q2 2024 and $2.001 billion at the end of 2023. This reflects the Fertiglobe transaction closing and the extraordinary shareholder distribution in November 2024. OCI plans to finalise the OCI Methanol transaction, complete the OCI Clean Ammonia project, and leverage its European Nitrogen assets in 2025, anticipating benefits from industry rationalisation and regulatory support. The company projects a leaner, stronger financial position for the future.
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