PhosAgro will spend over $50 million on dividends
At the extraordinary meeting, PhosAgro shareholders decided to pay dividends in the amount of 4.3 billion rubles (approximately $54.9 million) at the rate of 33 rubles ($0.42) per ordinary share. The payments will be made from retained net profit as of June 30 of the current year.
“The company’s stable dividend payments are the result of large-scale investments implemented by PhosAgro as part of its 2020 development strategy. Over the past five years, PhosAgro invested more than 190 billion rubles (approx. $2.4 billion) in production expansion and modernization, using the best available technologies. In the challenging time of the COVID-19 pandemic, we managed not only to maintain our production and investment programs at the planned level this year but also to create 200 additional jobs since the beginning of the year,” said PhosAgro CEO Andrey Guryev. “Most of them were created in the city of Volkhov, where PhosAgro is implementing the key project of its new 2025 development strategy. The construction of the plant at the Volkhov branch of Apatit at the end of this — the middle of next year will create new production facilities, which will allow PhosAgro to additionally produce up to 800 thousand tons of fertilizers in 2022.”