PhosAgro shareholders approved 2022 annual report

Shareholders of PhosAgro, which is one of the world’s largest producers of phosphate-based mineral fertilizers, approved a new Board of Directors of the company during the annual general meeting.

The new Board of Directors includes: Viktor Ivanov, Yuri Krugovykh, Siroj Loikov, Natalya Pashkevich, Mikhail Rybnikov, Alexander Seleznev, Vladimir Trukhachev, Viktor Cherepov, Alexander Sharabaiko, and Andrey Sharonov.

The meeting also approved the annual report of the company for 2022, which reflected a range of record results. In 2022 PhosAgro produced 11.1 million tons of mineral fertilizers, which is 5% more compared to the previous year. The company’s investments in its development increased by a third – up to 63 billion rubles (almost $771.5 million). PhosAgro also reported a growth of tax deductions by 1.5 times – up to more than 59 billion rubles (over $722.5 million) and an almost 2.5-fold increase in funding for social and charitable projects up to 12.9 billion rubles (almost $158 million). The company also managed to expand the portfolio of eco-efficient mineral fertilizers up to 57 brands.

In the January-February period of 2022, the largest Russian distribution network of mineral fertilizers, PhosAgro-Region, increased the sale of mineral fertilizers to domestic farmers by almost 12%. Besides, PhosAgro-Region is successfully developing the supply of PhosAgro products for industrial enterprises in Russia.

PhosAgro intends to raise the capital expenditures even higher in 2023, planning to allocate 67 billion rubles (almost $820.5 million) for investments. By the end of the year, the commissioning of the 2nd complex of the 10th horizon of the Kirovsky mine is scheduled. In Cherepovets, in addition to projects to maintain capacities for the production of ammonia, phosphoric and sulfuric acid, a project is being developed to increase the processing of apatite concentrate. In Balakovo, by the end of the year, PhosAgro is completing projects to increase the production of feed phosphates and sulfuric acid, and the company is also starting the 3rd stage of developing the production complex with the creation of a flexible scheme for the production of complex fertilizers. In Volkhov, in 2023, a new million-plus plant is expected to reach its design capacity. In addition, the possibility of building new complexes for the production of ammonia and carbamide in Cherepovets and Volkhov is being considered.