Israel Chemicals another member of global fertiliser cartel posts massive profits increase

Another supplier of agricultural fertilisers and members of the International fertiliser cartel , Israel Chemicals Ltd., (ICL (TASE)) who exploit the Dead Sea potash deposits have just reported a sales and profits bonanza. "ICL Fertilizers enjoys access to one of the world's most abundant and low-cost sources of potash. It is one of the world’s largest producers of potash (10% of world production) and an integrated producer of a variety of products based on phosphate rock mined in Israel's Negev desert, including phosphate fertilizers, phosphoric acid and specialty fertilizers. ".. ans also unwittingly helps propel Kassem rockets from Gaza to Sderot and Ashkelon.

Q1 '08 earnings quadrupled from , US$90.9 million last year to US$346.7 million . Sales including those from Supresta and Henkel, acquired during last year rose in all markets but particularly in South America, Europe and Asia , from US$ 883 Mn to US1.52 Bn. Gross profit margin increased from 34%. to 48%.

It is interesting to note that the company posted this information on April 30th 2008.

"We would like to report that ICL Fertilizers has entered into an agreement with a Chinese customer for the sale of Potash ending December 2008 whereby ICL is to supply about 300 thousands tons of Potash at a price which is US$ 400 per ton higher than in the previous agreement."

Which followed a not dissimiliar posting (well identical actually) by Mosaic on April 16th which we posted about yesterday Global cartels force Potash and Phosphate fertiliser prices to record levels

Read here about how Israeli fertiliser products end up in Kassem rockets Spiegel online Visit to Kassem Rocket Factory in Gaza 29/1/2008