ADAMA Reports First Quarter 2024 Results
Improvement in the quality of the business in the first quarter of 2024 with the
Company achieving significant improvement in cash flow and in its gross
margin, despite a decline in sales;
Transformation plan being implemented throughout Company, benefits to be
seen over a period of three years
First Quarter 2024 Highlights:
Sales down 16% to $1,057 million (-13% in RMB terms; -14% in CER1 terms), mainly reflecting a
10% decrease in prices and a 5% decrease in volumes
Gross profit amounted to $288m (margin of 27.2%) vs $340m (margin of 27.0%) in Q1 2023
Adjusted EBITDA amounted to $132 million vs. $165 million in Q1 2023
Adjusted net loss of $10 million; Reported net loss of $32 million
Improvement of $322 million in operating cash flow; -$103 million in Q1 2024 vs -$425 million in
Q1 2023
Improvement of $348 million in free cash flow; -$194 million in Q1 2024 vs -$542 million in Q1
2023
BEIJING, CHINA and TEL AVIV, ISRAEL, April 25, 2024 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the first quarter ended March 31, 2024.
Steve Hawkins, President and CEO of ADAMA, said, "As market conditions continue to be sluggish
in the first quarter of 2024, the Company is focusing on the implementation of a cross-company
transformation plan aimed at improving the quality of the business and repositioning ADAMA as a key
player in the Value Innovation customer segment. This plan, the outcome of hundreds of employee-
based initiatives, has a clear roadmap, deliverables and is focused on delivering profit and cash
targets to be achieved over the period of the coming three years.
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