Yara reports increased earnings, implements cost reduction program

From GlobeNewswire: 2024-07-19 02:00:00

Yara reported an EBITDA excluding special items of $513 million for the second quarter, up from $252 million last year. Net income was $3 million compared to a loss of $298 million in 2023. To boost financial results, Yara initiates a program to cut costs and investments by $150 million each.

Key points from the quarter include a strong cash flow of $500 million, a program to reduce costs and investments by $150 million each, and an improved financial situation expected due to cost reductions and a tighter nitrogen market. CEO Svein Tore Holsether highlights the need to adjust priorities and cut costs for higher profitability.

Yara has launched a program to reduce fixed costs and investments by $150 million each by the end of 2025. By optimizing the cost base and strengthening the balance sheet, Yara aims to improve its financial position for future growth and increased shareholder returns. The company’s focus on sustainable solutions and rising demand for low-carbon options positions it well for value creation.

Yara’s purpose is to provide food to the world’s population responsibly while preserving the Earth by reducing emissions from fertilizer production and developing emission-free energy solutions. The company plans to produce ammonia with significantly lower emissions, offer digital tools for precision farming, and collaborate across the food value chain for more sustainable solutions.



Read more at GlobeNewswire:: Yara med økte resultater og kostnadstiltak