PhosAgro summed up the results of the 10-year investments
Over the past 10 years, PhosAgro has invested over 390 billion rubles (over $4 billion) in its development. Large investments in production allowed PhosAgro to increase the output of its main products by 80% – from 6.1 million tons in 2013 to 11.1 million tons in 2022. Labor productivity increased by 2.7 times over the same period. Deliveries to the priority Russian market almost doubled: from 1.5 to 2.9 million tons.
PhosAgro has 7-fold increased support for social and charitable projects from 1.9 billion rubles to 12.9 billion rubles (from over $19.5 to $132.7 million), average wages across the Group grew 2.5 times, and investments in environmental protection activities increased by more than 60 billion rubles (approximately $617.3 million).
On March 10, 2022, Andrey Guryev left the company and focused on lagging behind the interests of the entire industry. The Russian Firtilizer Producers Association headed by him focused on issues of further investment development of the industry, ensuring food security in Russia and the interests of fertilizer producers in foreign markets.
“PhosAgro strictly adheres to the course of active investment development, annual increase in production indicators and contribution to support the social sphere. Over the next five years, PhosAgro intends to allocate more than 250 billion rubles (almost $2.6 billion) for investments, including almost 67 billion (over $689 million) in 2023 – 6% more than last year’s record capital investments. This will be an important contribution to strengthening the food security of Russia for years to come,” said Mikhail Rybnikov, General Director of the company.