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PhosAgro Announces Results of Extraordinary General Meeting of Shareholders

03.10.2023 | News

PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces the results of an Extraordinary General Meeting of Shareholders (EGM).

The meeting took place on 30 September 2023 in accordance with a decision of the Board of Directors of PJSC PhosAgro, which at its meeting on 30 August 2023 welcomed the signing of new collective bargaining agreements at the Group’s production facilities.

At the Board of Directors meeting, it was noted that the new collective bargaining agreements have expanded yet again the social benefits and allowances for workers in Volkhov, Cherepovets, Kirovsk and Balakovo. At the meeting CEO Mikhail Rybnikov also gave a report on the strong operating results for the first half of 2023. Over the first 6 months of the year, production of agrochemicals was up 4.3% year-on-year to over 5.6 million tonnes. In the MAP, DAP and LCU phosphate-based fertilizers segment there was 19% growth, with production volumes exceeding 2.4 million tonnes. This was achieved thanks to the construction of a state-of-the-art phosphate-based fertilizer production facility in Volkhov, which is set to reach full capacity this year.

The Board of Directors summarized the results of PhosAgro’s ten-year investment cycle. Over this period, more than RUB 390 billion was invested in the Company’s development, with output of key products increasing by 80%, from 6.1 million tonnes in 2013 to 11.1 million tonnes in 2022. Looking ahead, PhosAgro will continue to follow its chosen development strategy: over the next five years, PhosAgro intends to make investments of more than RUB 250 billion. This year, a record amount of RUB 67 billion is planned to be invested.

The General Meeting of Shareholders did not pass any resolutions approving the payment of dividends, based on the results of the first half of 2023.

“Even as the global mineral fertilizer market passed the bottom of the price cycle in the second quarter, PhosAgro has continued to consistently implement its long-term development strategy, investing in production capacity and increasing output of eco-efficient products, while maintaining strategic and operational flexibility. Our operational successes allow us to improve the social security of our employees: over 10 years, average salaries across the Group have risen by a factor of 2.5. The Company also remains committed to its commitment to ESG principles. Over the past decade, our support for social and charitable projects has increased sevenfold, from RUB 1.9 billion to RUB 12.9 billion per year, and our investments in environmental protection have exceeded RUB 60 billion. The question of issuing a recommendation on profit distribution may be considered by the Board of Directors at one of the next meetings,” said Viktor Cherepov, Chairman of the Board of Directors, commenting on the results of the Extraordinary General Meeting of Shareholders. 

 

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