Report on 2020 financial results

Pétfürdő, March 19, 2021 - Today Nitrogénművek Zrt. Published its Consolidated Annual Report for the year 2020.

In the first six months Nitrogénművek delivered HUF 15.5 billion EBITDA an increase of 67% year over year. Production increased 35% to a record 621 thousand metric tons in H1 2020 compared to H1 2019, while revenue increased 1.6% to HUF 53.8 billion. Profit of HUF 3,9 billion in H1 2020 compared to profit of HUF 1.5 billion in H1 2019 was delivered.

The year 2020 presented many challenges for the Company, however managed to achieve very strong results. The Company's EBITDA reached HUF 23.05 billion, an increase of 31% compared to the previous year results. Production increased by 24.5% compared to 2019 and reached a level of 1.23 million tons. Sales increased by 7.7% to HUF 94.7 billion. Profit after tax was HUF 3.59 billion, while in 2019 this value was HUF 1.06 billion. After the completion of the Company’s extensive investment program, the Company’s leverage ratio (Net Debt to EBITDA) quickly reached the planned level of 2.1x times.

Neither the company nor the group was significantly affected by the COVID-19 epidemic and its effects, despite the fact that there was, of course, an increase in spending on preventive measures. Agricultural activity remained very strong in all our markets, so fertilizer demand remained stable and even increased in many of our markets. Crop prices showed an upward trend, in 2020, which supported farmers’ profitability thus increased demand for fertilizers. The continuous improvement in production efficiency due to the investments the Company has made in previous years and the decrease in input prices for our feedstock (natural gas and energy) in 2020 contributed significantly to the overall profitability of the Company.

About Nitrogénművek Zrt

Nitrogénművek Zrt. Is one of the leading nitrogen-based fertilizer manufacturers and distributors of agricultural raw materials in the Central European region, headquartered in Pétfürdő, Hungary.

In Hungary, the Company is the sole producer of nitrogen-based fertilizers. This is an important sector not only in Hungary but in the EU as well in terms of turnover and employment. Nitrogénművek Zrt. is present in 15 countries, and employs over 700 employees. The Company has an 89-year-old production history.


Key indicators

2020 Full Year

Revenues, in HUF million


EBITDA, in HUF million


EBITDA margin, (%)


Production Quantity, in metric ton


Earings Before Tax, in HUF million


Net Debt to EBITDA, multiple