Yara has an unrivalled acquisition track record, and the company's growth ambitions remain firm, the President and CEO of Yara International ASA, Jørgen Ole Haslestad, writes in his message.
In 2010, Yara achieved its highest annual result so far, exceeding the record 2008, as fertilizer demand and prices picked up strongly following tightening of global agricultural markets.
Yara´s 2010 net income after non-controlling interests was NOK 8,729 million, compared with NOK 3,782 million in 2009.
Net income after non-controlling interests ended at NOK 8,729 million, more than double the 2009 result.
During 2010, Yara continued to apply best practice corporate governance throughout the organization, which is one of the five core elements of the company's Leadership Agenda. We revised and enhanced the risk management system that was implemented in 2009, raising risk awareness across all business segments and expert organizations.
During 2010, Yara retained its position as the global leader in nitrogen-based mineral fertilizers and industrial products. The fertilizer market picked up after the recession, while the market for environmental solutions continued to grow.
Downstream delivered strong results as margins improved and sales to core markets increased. Industrial experienced strong volume improvements and restructured its business to better pursue growth markets. Upstream saw increases in both production volumes and fertilizer prices and followed up on initiatives to increase capacity.
During 2010, Yara saw its share price increase significantly. The highest closing price during the year was NOK 337.50, and the lowest was NOK 173.50, with the closing price at year’s end representing an increase of 95 percent from the 2009 year-end close. Yara's market value as of Dec. 31, 2010, was NOK 97.33 billion.