PhosAgro held an extraordinary meeting of shareholders
PhosAgro, one of the world’s leading producers of phosphorus fertilizers, held the Extraordinary General Meeting of Shareholders. The meeting was held on June 30, 2023, following the decision of the PhosAgro Board of Directors, which recognized the implementation of the Company’s Development Strategy until 2025 as successful.
The meeting of the Board of Directors noted the strong results of 2022 and during the 1Q2023. Last year, PhosAgro managed to increase the output of fertilizers by almost 5% to a record high of 11 million tons. In 1Q2023, PhosAgro increased the output of fertilizers by 6.1% to more than 2.8 million tons. This growth was achieved mainly due to the implementation of an investment project for the construction of a new production complex in Volkhov, which will reach its design capacity this year.
This year, the company will allocate for investments a record 67 billion rubles (almost $744.5 million) and over 250 billion rubles (approximately $2.8 billion) over the next five years. During the extraordinary general meeting, the PhosAgro shareholders approved the decision to pay dividends at the rate of 264 rubles (almost $3) per ordinary share. July 11, 2023, was set as the closing date of the register for receiving dividends.
“PhosAgro continues to consistently implement a long-term development strategy, invest in production capacity and increase the production of eco-efficient products while remaining committed to the ESG principles. Last year, our operating results were the highest in the history of the company, and in the 1Q2023, the groundwork for new achievements was created. High operational and financial performance allows the company to accurately fulfill all obligations to stakeholders and expand support for social and charitable programs, the funding of which last year was increased by almost 2.5 times to 12.9 billion rubles (over $143 million). By consistently adhering to the corporate dividend policy, the company maintains investor confidence by increasing its market capitalization,” said Viktor Cherepov, Chairman of the Company’s Board of Directors.