Fertiliser manufacturer Yara international has reported increased profitability from reduced sales in its latest quarter’s trading.

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The Norwegian multinational posted a net income of $340 million on revenues of $3.08 billion from the three months ended September 30th 2020, compared to $74m and $3.49bn in Q3 2019. The company sold 5.36m tonnes of all finished products, down from 5.67m tonnes the year before.

Third-quarter nitrogen deliveries in Western Europe were 1% lower year-on-year, with imports also down by 1%. Yara’s European market earnings fell, despite lower gas feedstock costs, as this saving was more than offset by lower product prices, particularly for nitrates, in the off-season quarter.

Yara believes the fertiliser market is in a positive trend, with a broadly stable global grain balance and limited urea supply pressure. It notes that fertiliser and food demand is resilient in times of crisis, as ensuring continuity in food chains remains a top priority for all countries.

“Yara delivered its ninth consecutive quarter with improved capital returns, despite our results being impacted by lower nitrogen prices,” noted president and chief executive Svein Tore Holsether. “Our crop nutrition focused business model continues to perform strongly, delivering record NPK volumes in the quarter. I would like to give credit to the entire Yara organisation for another solid effort in a demanding environment.”