PhosAgro increased its net profit by 819.5%
PhosAgro reported its January-June 2021 financial results. The company’s revenue increased by 42.2% to 176.3 billion rubles (approximately $2.4 billion). Its growth was mostly ensured by the implementation of a long-term development program, which made it possible to launch new capacities and significantly increase the productivity of existing units.
The rise in revenue was also driven by the improvement in the structure of products in favor of high-margin types of mineral fertilizers amid higher average prices in world markets.
The net profit of PhosAgro in 1H2021 increased by 819.5% to 48.6 billion rubles (approximately $663 million), free cash flow by 68.8% to 34.271 billion rubles (about $467.5 million), while net debt reduced by 19.5% to 126.343 billion rubles (approx. $1.7 billion).