Nassef Sawiris’ OCI Global reports $1 million profit as strategic transformation advances

OCI Global, the Amsterdam-listed nitrogen and chemicals producer founded and controlled by Egyptian billionaire Nassef Sawiris, reported a sharp decline in shareholder profit in the first half of 2026, representing the final phase of its strategic transformation following the significant portfolio rationalization and capital returns as it advanced the final stages of its strategic transformation.

For the six months ended June 30, 2026, OCI Global reported net profit attributable to shareholders of $1 million, down from $343 million in the same period of 2025. The latest result included a $238 million gain from the disposal of OCI Ammonia Holding, which was largely offset by an impairment charge at OCI Nitrogen.

During the period, OCI Global completed the sale of its Ammonia Distribution business, monetized its remaining investment in Methanex, finalized the Beaumont Clean Ammonia project handover to Woodside and entered into an agreement for the sale of OCI Nitrogen. In parallel, OCI continued to progress on the proposed transaction involving its remaining businesses with Orascom Construction PLC (“OC”).

OCI Nitrogen revenue slips as market conditions weaken

OCI Nitrogen, the group’s remaining operating business, generated revenue of $534 million in H1 2026, down from $566 million a year earlier. Operating profit, however, improved to $53 million from a $21 million loss in H1 2025, supported by favourable market conditions earlier in the period.

The improvement was not sustained into the third quarter as higher European natural gas prices coincided with declining nitrogen prices and weaker demand.

OCI Nitrogen recorded a $175 million net loss attributable to shareholders, compared with a $12 million loss a year earlier. The business also recognised a $215 million non-cash impairment charge after its carrying value exceeded its estimated fair value less costs of disposal.

Sawiris advances OCI’s asset disposals

During the first half, OCI completed several major transactions as part of its strategic review.

The company completed the sale of its global ammonia distribution and terminal business to AGROFERT, while also handing over the Beaumont New Ammonia project to Woodside and receiving $470 million in deferred consideration.

OCI also fully monetised its 9.94 million-share investment in Methanex, generating approximately $543 million in cash proceeds.

In March, the group completed the sale of its entire stake in OCI Ammonia Holding to AGROFERT for initial cash proceeds of €297 million ($342 million).

OCI Nitrogen sale sets next stage of transformation

In June, OCI agreed to sell an initial 50% interest in OCI Nitrogen to AGROFERT, with completion expected in the second half of 2027, subject to regulatory and other conditions.

The agreement also provides mechanisms for the subsequent sale of the remaining 50% stake.

Meanwhile, OCI Global is progressing its proposed combination with Orascom Construction, alongside an all-cash public offer from NNS Holding at €4.1 ($4.66) per OCI share.

OCI Global’s extraordinary general meeting is scheduled for October 30, 2026, while completion of the proposed combination is currently expected in the fourth quarter. Total assets declined from $1.84 billion to $1.7 billion while retained earnings surged from $128.3 million to $324.7 million

Despite the weaker operating outlook at OCI Nitrogen, OCI’s held-for-sale net cash position rose to $1.05 billion at June 30, from net debt of $54 million at the end of 2025, reflecting proceeds from asset disposals and the Beaumont project handover.