Yara quarterly revenue fell 30%
The Norwegian mineral fertilizer producer Yara International (hereinafter Yara) reported that revenue for 1Q2023 was down 30% to $4.2 billion. Quarterly net income was $104 million. A year earlier, this figure was $944 million.
Company representatives believe that such a poor result was caused by falling prices for fertilizers and a reduction in production. In the first quarter of 2023, ammonia production decreased by 20% and industrial products and fertilizers – by 17%.
Yara CEO Sven Holster remains optimistic. He noted that in the second quarter, there is a reduction in the supply of nitrogen fertilizers, which occurs due to an increase in demand in the European market.