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PhosAgro Shareholders Elect New Board of Directors and Approve 2023 Annual Report

03.07.2024 | News

The shareholders of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, elected a new Board of Directors during the Annual General Meeting (AGM) held on 30 June in the form of absentee voting. The Board membership remained unchanged.

The AGM approved the Company’s Annual Report for 2023, which reflects record production performance. In supplying mineral fertilizers to its priority Russian market and to more than 100 other countries, PhosAgro set an all-time production record of 11.3 million tonnes in 2023, up 2% from the previous year.

PhosAgro CEO Mikhail Rybnikov said: “We continue to steadily implement investment projects as part of our development strategy to 2025. We are carrying out projects in Cherepovets and Volkhov to increase our processing of phosphate rock by a total of more than 400 thousand tonnes. The third stage in the development of our production complex in Balakovo is in progress with the establishment of a flexible arrangement for the production of MAP, DAP, NPS and NPK fertilizers and an increase in gross production volumes. In 2025, production at our Balakovo plant will increase by nearly 1 million tonnes, bringing total production to 3.5 million tonnes of fertilizers that are essential for Russian farmers.

“We also continue to develop our ore and enrichment facilities. Work is under way on the construction of a new mine for the development of the Rasvumchorr Plateau deposit. As part of our ANOF-3 reconstruction project, the processing plant’s capacity will expand by nearly 12% to 10.5 million tonnes of phosphate rock per year.

“The successful implementation of our long-term development programme and large-scale capital investments – we plan to invest a record RUB 73 billion in 2024 – have enabled us to achieve new production records. According to preliminary data, we increased production of agrochemical products by 3.6% in the first half of this year. At this growth rate, we can expect to achieve a new production record for the year, surpassing the milestone of 11.5 million tonnes.

“PhosAgro-Region, Russia’s largest mineral fertilizer distribution network, is increasing supplies to Russian agribusiness. Supplies for the first half of this year surpassed performance for the same period last year, while total deliveries in FY 2023 amounted to 3.3 million tonnes, up 12% from the previous year. According to the Russian Fertilizer Consumers Association, PhosAgro remains the leader when it comes to the total supply of all types of fertilizers to our priority domestic market.

“We pay close attention to the well-being of our employees and remain committed to the principles of social responsibility. The average wages at our production sites have increased by 60% over the past three years, and have been indexed by a further 15% since 1 February 2024. We have increased our support for social and charitable projects sevenfold over the past 10 years, allocating a total of over RUB 25 billion for these purposes in 2022 and 2023.”

The AGM approved the payment of dividends for FY 2023 and 1Q 2024 at the rate of RUB 309 per ordinary share, with 11 July 2024 set as the dividend record date.

The AGM also elected the members of PhosAgro’s Audit Commission, approved the Company’s annual financial statements for 2023, and determined the procedure, terms and amount of remuneration and compensation payments to be made to members of the Board of Directors. JSC Unicon was approved as PhosAgro’s auditor for 2024.


 

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