PhosAgro reports 4.3% increase in production and 15.3% increase in revenue for 2024

Russian agrochemical producer PhosAgro has released its financial and operational results for the year ending December 31, 2024. The company, known for its phosphate-based mineral fertilizers, reported a production increase of 4.3% year-on-year, reaching 11.8 million tonnes.

Key financial highlights reveal a robust revenue increase to RUB 507.7 billion ($6.89 billion), up 15.3% from 2023. However, the earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a slight decline of 3.3%, totaling RUB 177.0 billion ($2.40 billion). Despite this, PhosAgro maintained a strong free cash flow of RUB 29.0 billion ($393.5 million). The company’s net debt stood at RUB 325.4 billion ($4.41 billion) by year-end, with a debt-to-EBITDA ratio of 1.84x.

Significant growth was observed in the production of phosphate fertilizers and feed phosphates, which saw an increase of 5.8%, totaling 8.9 million tonnes. Sales volume mirrored production trends with a 4.1% increase in agrochemical products, totaling 11.9 million tonnes. Phosphate fertilizers and feed phosphates led the sales increase at 6.1%. The company attributes its sales success to efficient production enhancements and a strong sales network, particularly in Russia, which remains PhosAgro’s primary market.

Internationally, PhosAgro is strengthening its position with noticeable growth in Latin America and Africa. The company’s domestic market also showed substantial growth, with total sales to Russian farmers reaching 3.34 million tonnes.

PhosAgro’s operational achievements are primarily credited to its ongoing development program initiated in 2019, which is aimed at expanding production capacities. The Volkhov Production Complex played a significant role by reaching its full operational capacity, thereby boosting the production of phosphoric and sulfuric acids.