PhosAgro's net profit under IFRS for the first half of 2022 increased 2.65 times to RUB 129.05 billion from RUB 48.65 billion a year earlier. Adjusted net profit amounted to 108.55 billion rubles against 46.09 billion rubles. This was announced by the company.
Revenue increased by 90.9% and amounted to 336.5 billion rubles. The growth was the result of the implementation of a large-scale modernization program and the construction of new production facilities, which allowed to increase the output of mineral fertilizers and significantly increase the productivity of equipment. Also, the increase in revenue was influenced by the improvement of the structure of the company's products sold in favor of high-margin types of fertilizers that are in high demand in Russia and on world markets.
Adjusted EBITDA increased by 123.8% to RUB 165.3 billion. The company's adjusted free cash flow amounted to RUB 77.6 billion. Net debt as of June 30, 2022 decreased by 91.6 billion rubles. compared to the end of 2021 and amounted to 62.1 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 2021 increased 7.6 times to RUB 129.67 billion from RUB 16.9 billion a year earlier. Adjusted net profit increased to 130.2 billion rubles from 43.37 billion rubles. Revenue amounted to 420.49 billion rubles, which is 65.6% more than a year earlier – 253.88 billion rubles. EBITDA increased by 2 times to RUB 191.8 billion from RUB 85.66 billion.
