Fertilizer producer Yara International ASA plans to buy back about 800 million Norwegian kroner of shares by the end of 2019, after the company posted a yearly increase in third-quarter EBITDA.
Yara on Oct. 18 reported EBITDA of US$591 million, increasing from US$427 million a year ago thanks to lower energy costs, higher production and strong premium product deliveries. Overall operating costs and expenses fell to US$3.18 billion from US$3.39 billion year over year.
Yara is looking to repurchase about 0.8% of its shares, including those owned by the Norwegian state. The plan is part of a buyback program that allows the company to repurchase up to 5% of its shares before its 2020 annual general meeting.
Attributable net profit in the period slipped to US$74 million from US$98 million. Revenue decreased to US$3.49 billion from US$3.55 billion.
Ammonia production rose to 2.20 million tonnes from 2.04 Mt, while total output of fertilizers and industrial products remained steady at 5.67 Mt.
Total deliveries fell to 10.41 Mt from 10.81 Mt.
As of Oct. 17, US$1 was equivalent to 9.17 Norwegian kroner.