PhosAgro showed dramatic increase in financial performance

PhosAgro has published its 2021 financial results. As follows from the company’s press-release, in 2021, PhosAgro’s revenue grew by 65.5% to 420.5 billion rubles (over $5.4 billion), EBITDA more than doubled to 191.8 billion rubles (almost $2.5 billion).

This growth was driven by PhosAgro record output of finished products, a recovery in global mineral fertilizer prices throughout 2021, and strong demand amid low inventory levels in key markets.

Sales of phosphorus and nitrogen fertilizers in 2021 increased by 1.2% to 7.762 million tons and 9.1% to 2.495 million tons, respectively.

“I would like to note that 2021 was a record year for us not only in terms of production results. The company’s financial performance reached historically high levels,” said PhosAgro CEO Andrey Guryev. “The growth in production and sales of fertilizers, ensured by the implementation of a long-term investment program, allowed us to increase the company’s revenue by more than 50%, which at the end of the year exceeded 420 billion rubles (over $5.4 billion). Favorable conditions in the global agricultural markets also contributed to the growth of business margins and high cash flow generation. EBITDA in 2021 more than doubled and amounted to a record 192 billion rubles (almost $2.5 billion) in the entire public history of the company.”