Potash Corp, the world’s top fertilizer maker, said Thursday its quarterly profit more than doubled, as strong grain prices boosted demand for its crop nutrient products.
Despite macroeconomic concerns during the quarter, the push to capitalize on strong crop prices continued to support demand for fertilizer around the globe, the company said.
Potash Corp said offshore demand for its namesake nutrient remained robust in the quarter, while Potash prices also rose, reflecting tight market conditions.
The Saskatoon, Saskatchewan-based company said net income was $826 million, or 94 cents a share, up from $343 million, or 38 cents a share, a year earlier. Revenue rose 47 percent to $2.32 billion, on the back of strong demand and higher prices across its potash, phosphate and nitrogen businesses, the company said. It runs PCS Nitrogen, which has a location in Augusta.
Gross profit reached $1.1 billion, double the $550 million generated a year earlier.
Potash said that although fertilizer dealers around the world were acting prudently to minimize their risks and inventories, robust demand continued to pressure global potash supplies.