While its quarterly profits drop from previous record highs, the world’s biggest fertilizer player by capacity says it “will continue to be a patient company” and wait out farmers’ pent-up demand.
Potash Corporation of Saskatchewan (PotashCorp) on July 23 posted net income of $187.1 million on $856 million in sales (all figures US$) for its second quarter (Q2) ending June 30. That’s well down from its year-earlier Q2, when it posted a then-record quarterly profit of $905.1 million on $2.62 billion in sales.
“We faced the most significant deferral of demand our industry has ever seen, yet remained steadfast in our commitment to operate with a long-term view,” Bill Doyle, the Saskatoon-based company’s CEO, said in a release.
“As farmers around the world respond to their noble calling of feeding the world, we expect this will trigger a multi-year process of nutrient replenishment, particularly potash.”