Net income is 6% up y-o-y due to higher pricing and volumes that were partially offset by higher costs, unfavourable currency due to the strengthening of the US Dollar, and the prior-year one-time benefit associated with finalising the Jazan air separation unit (ASU) joint venture.
Air Products reported its first quarter fiscal 2023 results, indicating a drop of 31% in its Middle East and India equity affiliates income compared to the previous year.
The drop was mainly caused due to the prior-year one-time benefit associated with finalising the gasification and power joint venture with Aramco, ACWA Power and Air Products Qudra in the Jazan Economic City in Saudi Arabia. Reflected in the report was the second phase of the $12 billion joint venture.
“We are proud to have reached significant project milestones, including completing the second phase of the $12 billion Jazan gasification and power project as well as continuing to make good progress on the project financing for the NEOM green hydrogen project,” said Seifi Ghasemi, Air Products’ Chairman, President, and Chief Executive Officer.
The report also showed continued advancement in the company’s mega-scale hydrogen energy projects globally, as well as the development of downstream infrastructure to supply green hydrogen to Europe.
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