PhosAgro expects an increase in the output of agrochemical products to 11.3 million tons

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AK&M 24 March 2023 20:00

PhosAgro expects an increase in the output of agrochemical products to 11.3 million tons. This was stated by Mikhail Rybnikov, CEO of PJSC PhosAgro, the company said in a statement.

For this purpose, in January-February, the company's workforce created a significant reserve – PhosAgro increased the production of phosphoric and sulfuric acids by 22% and 17% year-on-year, respectively, during this period.

He recalled that PhosAgro-Region increased the sale of mineral fertilizers by almost 12% in January-February 2023. In addition, PhosAgro-Region successfully develops the supply of PhosAgro products for industrial enterprises in Russia.

PhosAgro intends to raise the capex bar in 2023, planning to invest 67 billion rubles.

PJSC PhosAgro (TIN 7736216869) is a Russian vertically integrated company, one of the world's leading producers of phosphorus-containing fertilizers. PhosAgro's global depositary receipts are listed on the LSE and on the Russian Stock Exchange.

PhosAgro's net profit under IFRS for 2022 increased by 42.4% to RUB 184.7 billion from RUB 129.67 billion a year earlier. Adjusted net profit increased by 39.7% to RUB 182.3 billion from RUB 130.5 billion. Revenue increased by 35.4% to 569.53 billion rubles from 420.49 billion rubles, EBITDA increased by 34.4% to 257.88 billion rubles from 191.8 billion rubles.