Israeli fertiliser group ICL's Q3 profit jumps as potash prices double

JERUSALEM, Nov 9 (Reuters) - Israel's ICL Group (ICL) ICL.TA, ICL.N on Wednesday reported a stronger than expected rise in third-quarter profit, boosted by a more than doubling in potash prices.

The fertiliser and speciality chemicals company said it earned 49 cents per diluted share in the July to October period, up from 17 cents a year earlier. Revenue rose 41% to $2.5 billion, helped by a 114% jump in potash sales.

The company was forecast to earn 45 cents a share on revenue of $2.7 billion, according to I/B/E/S data from Refinitiv.

ICL noted that the average potash price per tonne of $652 was 106% higher than last year, "as prices remained elevated due to continued uncertainty in global fertilizer markets".

"All three of our specialties businesses delivered record third-quarter results, even with shifts in demand and continued global supply chain challenges," Chief Executive Raviv Zoller said.

ICL is one of the world’s largest producers of potash, a key ingredient in fertilizers, with exclusive rights in Israel to extract minerals from the Dead Sea. It also produces other specialty minerals such as bromine and phosphate.

The company - whose New York-listed shares are down 9.4% this year - said it expected 2022 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to reach the upper end of its previously issued guidance range of $3.8 billion-$4.0 billion.

Over the first nine months of the year, adjusted EBITDA was $3.3 billion.

ICL said it would pay next month a quarterly dividend of 24.35 cents per share, or about $314 million, up from 8.37 cents per share, or $107 million, a year earlier.