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OCI OCI N.V. Reports First Quarter 2021 Results Highlights : ● Financial and Outlook Revenues increased 38 % to $ 1,120 million and adjusted EBITDA increased 134 % to a record $ 452 million in Q1 2021 as compared to Q1 2020 Adjusted net profit of $ 94 million in Q1 2021 compared to adjusted net loss of $ 82 million in Q1 2020 Net debt of $ 3.4 billion as of 31 March 2021 , down $ 306 million from 31 December 2020 Trailing net debt / adjusted EBITDA of 3.0x as of 31 March 2021 , achieving our year - end net leverage target early Based on current visibility on volumes and pricing , we expect a stronger second quarter with higher adjusted EBITDA than in Q1 , and expect further deleveraging during Q2 Q1 2021 Results Report Amsterdam , The Netherlands / 5 May 2021 Business Updates Following board approvals , Fertiglobe , a 58 % / 42 % OCI and Abu Dhabi National Oil Company ( ADNOC ) partnership , has started preparations for a potential IPO in Abu Dhabi , subject to market conditions OCI has taken steps to further decarbonize its portfolio with the ability to produce up to 365 ktpa blue ammonia at OCI Beaumont in Texas starting H2 2021 OCI has established a new Clean Fuels business unit , adding low carbon products including ammonia to its current and fast - growing biofuels offering Statement from the Chief Executive Officer - Ahmed El - Hoshy : Free cash flow accelerating , targets met As ammonia and methanol will play a key role decarbonize many se rs the hydrogen economy and outright as clean fuels , OCI has taken the decision that any potential strategic action for the methanol business will be in the form of a partnership rather than a full divestment " We are pleased that we have reported a record quarter and have already achieved our year - end net leverage target at the end of Q1 . We have benefited from our diverse stream of global revenues and our competitive position on the global cost curve , with around half of our total global gas requirement at fixed gas prices . This has benefited Fertiglobe in particular , which has more than doubled its EBITDA year - on - year . 1 The outlook for OCI remains positive for Q2 and beyond , supported by strong underlying demand for nitrogen fertilizers driven by healthy farm economics , and a continued recovery in our industrial markets for ammonia , methanol , melamine and DEF . We are seeing very strong demand for a wide range of downstream products used across various end markets including construction , automotive and textiles . Furthermore , the recovery in transportation applications increasingly bolsters demand for our products , keeping market conditions tight .