Norway's Yara Q4 profit plunges year-on-year, reduces dividend

The company will pay a dividend for 2023 of 5 crowns ($0.47) per share, against expectations for 15 crowns by analysts, and down from 55 crowns in 2022. "Following strong financial results in 2022, the results in 2023 were impacted by significantly lower market prices and one-off position effects," CEO Svein Tore Holsether said in a statement.

Yara International on Friday reported fourth-quarter core earnings down 45% year-on-year, though they still beat expectations, and said it would reduce its dividend.

Fourth-quarter earnings before interest, tax, depreciation, amortisation (EBITDA) excluding one-off items fell to $586 million versus $1.07 billion a year earlier, beating the $369 million expected by analysts in a company-provided poll. The company will pay a dividend for 2023 of 5 crowns ($0.47) per share, against expectations for 15 crowns by analysts, and down from 55 crowns in 2022.

"Following strong financial results in 2022, the results in 2023 were impacted by significantly lower market prices and one-off position effects," CEO Svein Tore Holsether said in a statement. Facing stiff competition on global markets from Russia and others, Yara's results tumbled last year as falling fertiliser prices squeezed margins even as the cost of natural gas, a key input, declined.

($1 = 10.5983 Norwegian crowns)