ICL, a leading global specialty minerals and specialty chemicals company, released its financial results for the second quarter ended June 30, 2018.

Sales for the second quarter were $1,371 million compared to $1,322 million for the comparable period in 2017. The company reported operating income of $172 million compared to $144 million for the second quarter of 2017. Excluding an impairment following the divestment of Rovita’s business, adjusted operating income was $188 million, 23% higher than the $153 million recorded in the second quarter of 2017, and 47% higher excluding a profit of $25 million recorded in the second quarter of 2017 from assets that were divested at the end of the first quarter of 2018. 

The company recorded strong performance across all its business lines with growth and profitability supported by higher prices throughout the company’s value chains, as well as higher sales volumes of bromine and its derivatives, specialty fertilizers and specialty phosphates. The successful implementation of a value-oriented sales approach continued to increase operating income of the company’s specialty solutions division. Adjusted EBITDA for the first quarter was $296 million compared to $251 million in the prior-year quarter.

ICL’s CEO, Raviv Zoller, stated, “We are pleased with our results in the second quarter, which exceeded management’s expectations, following record breaking performance in June of our bromine and phosphate value chains. The company’s growth and profitability during the quarter are attributable to improving market conditions and cost controls, as well as the company’s ongoing efforts to optimize potash production and to implement a value-oriented sales approach in our bromine and phosphate value chains.”

According to Zoller, the second quarter results also reflect some of ICL’s competitive assets, such as its professional workforce, its strong corporate culture and substantial know-how that has been accumulated over decades.

“As part of our strategy, we intend to strengthen leadership positions in all of our core value chains,” he said. “We also plan to build and diversify our offerings of innovative agro solutions by leveraging ICL’s existing capabilities and agronomic know-how, as well as the Israeli technological ecosystem. The alignment of our organizational structure with our strategic focus will allow us to further streamline the operation of our business, as well as make it easier to understand the relative contributions of our value chains to overall performance, thus creating greater transparency and value for our stakeholders.”

Download financial results here.

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