PhosAgro Produced Record 11 Million Tonnes of Agrochemicals in 2022

·         As a result of the consistent implementation of its long-term development programme, PhosAgro increased its production of agrochemicals by almost 5% year-on-year to a record 11 million tonnes in 2022.

·         Over the next five years, PhosAgro intends to invest more than RUB 250 billion, including nearly RUB 67 billion in 2023, an increase of 6% over last year’s record capex.

·         The Company’s portfolio of eco-efficient mineral fertilizers for farmers expanded to include 57 brands.

·         PhosAgro Group’s tax payments for 2022 increased by 50% to more than RUB 59 billion.

·         PhosAgro increased its funding for social and charitable projects by nearly 150%, to RUB 12.8 billion.

PJSC PhosAgro (Moscow Exchange, LSE: PHOR) (“PhosAgro”, the “Company”), one of the world’s leading vertically integrated phosphate-based fertilizer producers, increased its production of agrochemicals to a record 11 million tonnes in 2022.

“Our new production record is the result of the dedicated teamwork of PhosAgro Group’s entire workforce of thousands. In the face of external challenges, the Company maintained uninterrupted production, quickly redirected exports to new markets and made a significant contribution to the country’s food security by providing Russian farmers with eco-efficient fertilizers.

“Thanks to its excellent production performance, PhosAgro increased its taxes paid at all levels by 50% and also expanded its support for social and charitable projects throughout the country by nearly 150%. At the same time, the Company is fulfilling its obligations to shareholders by paying out dividends that are reinvested in the Russian economy.

“PhosAgro remains committed to the ESG agenda. In this regard, we continue to expand our cooperation with the UN through joint initiatives with UNESCO and the UN’s Food and Agriculture Organization (FAO), focusing our efforts on the elimination of hunger, soil conservation throughout the world and sustainability,” said Viktor Cherepov, Chairman of PhosAgro’s Board of Directors.

PhosAgro CEO Mikhail Rybnikov stressed that, in the context of the Company’s long-term development strategy, a record amount of funds would be allocated for investments this year – nearly RUB 67 billion.

“The most important event for PhosAgro in 2023 will be when our state-of-the-art phosphate-based fertilizer production facility in Volkhov reaches design capacity; it is going to be an innovative leader in the industry for years to come. The output of finished product will increase fourfold compared with 2019. The processing of phosphate rock, the main feedstock for the production of fertilizers, will also rise. Volkhov is where we are going to produce water-soluble monoammonium phosphate, an innovative product in high demand among farmers and widely used in foliar technologies and in fertigation.

“The implementation of the large-scale programme for the development of our ore and raw material resources in Kirovsk will continue, where the second start-up complex for the 10th horizon at the Kirovsky mine is expected to come online by the end of the year. In Cherepovets, in addition to projects to support capacities for the production of ammonia, phosphoric acid and sulphuric acid, we plan to increase the processing of phosphate rock. In Balakovo, we are going to complete projects to increase the production of feed phosphates and sulphuric acid by the end of the year, and we are also starting the third stage in the development of the production facility by establishing a flexible arrangement for the production of MAP/DAP/NPS/NPK fertilizers,” said Mikhail Rybnikov, commenting on PhosAgro Group’s investment programme for 2023.