Russia’s PhosAgro announces ‘strong’ 2023 half-year results

The CEO of PhosAgro has announced ‘strong’ operating results for the first half of 2023, the Russian fertilizer company wrote in an October 3 press release.

Mikhail Rybnikov told the Board of Directors on August 30 that in the first six months of this year, PhosAgro’s production of agrochemicals rose by 4.3% year over year to 5.6 million tonnes.

The CEO added that the firm saw a 19% growth rate in the monoammonium phosphate (MAP), diammonium phosphate (DAP), and lac-coated urea (LCU) segment, the output volume of which surpassed 2.4 million tonnes.

He attributed the results, which were subsequently discussed at an EGM on September 30, to the construction of a new phosphate-based fertilizer plant in the town of Volkhov in the Leningrad region. That facility is reportedly set to reach full capacity later this year.

According to the press release, the Board of Directors noted that over the past decade PhosAgro has invested 390 billion rubles in the company’s development, boosting production of key products by 80%, from 6.1 million tonnes in 2013 to 11.1 million tonnes in 2022.

The firm also said that this year it will invest a record 67 billion rubles in its development, as part of a five-year plan under which it will it invest 250 billion rubles.