Yara publishes 2023 Integrated Report

Yara on Thursday released its 2023 Integrated Report. The Norwegian chemical company’s full-year net income for 2023 was $54mn, compared with $2.78bn a year earlier, which it said mainly reflected lower margins and higher impairment loss driven by a $168mn impairment of the Tertre plant in Belgium.

Yara’s full-year 2023 EBITDA, excluding special items, was $1.7bn, down 65% from a record high of $4.89bn a year earlier.

The company also reported that deliveries decreased by 5% year on year, which it attributed to a reduction in the availability of third-party products following the imposition of sanctions on Russia.

Yara emphasized in the 354-page report that although 2023 brought both operational challenges and pressure on its margins, its push to improve operational flexibility and resilience remains a fundamentally sound strategy.

Yara said that in the long term its ambition is to ensure a ‘Nature-Positive Food Future’, and that companies able to support sustainable food production will be positioned for growth and value creation.