Nitrogénművek Zrt. to close one of 'most successful years' in 2020, Bige says

Bige said that they have not laid off any employees due to the pandemic, but instead the company expanded its team with new professionals engineers, legal managers, and economic and commercial executives this year.

According to him, Nitrogénművek Zrt. has strengthened its position in its major export countries and also acquired major stakes in new markets. The company sells and distributes some 50% of its production to 13 European countries – consequently half of its sales come from exports. Domestically, Nitrogénművek Zrt. has about 10,000 clients.

Bige said that the market for nitrogen-based fertilizers remained stable across Europe throughout the year, while the price of input materials decreased. Nitrogénművek's factory at Pétfürdő is capable of producing 1.45 million tons of nitrogen-based fertilizers a year.

The owner noted that a EUR 420 million investment, carried out between 2004 and 2017, creating a modern, state of the art facility was also necessary to ensure that Hungarian farmers always have access to high-quality, domestically produced fertilizer. He emphasized the fact that there is no modern, efficient, and effective agricultural production without nitrogen-based soil supporting.

Bige also argued that the increased cost-effectiveness thanks to the investments in the Pétfürdő factory is now reflected in its results. In the first half of 2020, Nitrogénművek already sold more than 620,000 tons of goods, with sales revenue of HUF 54 billion, coupled with an EBITDA of HUF 15.5 bln (up 70% year-on-year).

Contracted arrears for the production of Nitrogenművek Zrt. has surpassed the total production capacity for Q1, 2021. In financial terms, 2020 will be among the company's most successful years, Bige added.