PhosAgro Board Approves 2024 Integrated Annual Report, Celebrates Record-Setting Year in Production and Logistics
PJSC PhosAgro, a global leader in the production of environmentally friendly phosphate-based fertilizers, has reported an outstanding year of performance in its 2024 Integrated Annual Report, which was formally approved by its Board of Directors during the latest meeting held in Moscow. The company not only reached unprecedented production levels but also set new records in logistics and raw material output—underscoring its strategic commitment to innovation, sustainability, and operational excellence.
Production Reaches New Heights
PhosAgro CEO Mikhail Rybnikov highlighted the company’s exceptional performance, stating that production volumes for agrochemical products hit an all-time high of 11.8 million tonnes in 2024. This achievement marks a major milestone for the company and underscores the effectiveness of its long-term investment program, which continues to drive technological upgrades and operational efficiency across all production sites.
Building on this success, PhosAgro aims to exceed the 12.5 million tonne mark in agrochemical production in 2025. According to Rybnikov, this ambitious target is already within reach, with first-quarter 2025 performance laying a strong foundation. During this period alone, the company produced more than 3.11 million tonnes of agrochemical products—a 3.6% increase year-over-year.
In terms of product breakdown, phosphate-based fertilizers and feed phosphates accounted for a record 2.37 million tonnes, representing a 5% rise compared to the same period the previous year. These products are central to PhosAgro’s portfolio and are critical in supporting global food security through sustainable agricultural practices.
Raw Materials Output Also Breaks Records
Complementing the record fertilizer production, PhosAgro also achieved unprecedented output in key raw materials. Production of sulphuric acid reached 2.22 million tonnes, showing a 1.9% increase year-on-year. Likewise, wet-process phosphoric acid hit a record level of 929 thousand tonnes, up by 3.8%.
These raw materials are vital components in the manufacturing of phosphate fertilizers. Their consistent availability ensures stable production flows and supports the company’s growing market demand, particularly as global agriculture continues to shift toward higher-yield and eco-conscious practices.
Logistics Achieves All-Time High
Beyond manufacturing, PhosAgro’s logistical performance in 2024 and early 2025 also demonstrated significant advancement. According to Rybnikov, freight turnover in the first quarter of 2025 exceeded 10.2 million tonnes, marking a new company record. Of this, more than 3 million tonnes consisted of agrochemical shipments, reflecting PhosAgro’s growing global footprint and efficient supply chain management.
The company attributes its logistics success to targeted investments in transport infrastructure, automation technologies, and strategic partnerships with shipping and rail operators. These improvements have helped reduce delivery times, increase reliability, and ensure timely distribution of fertilizers across domestic and international markets.
Corporate Governance and Sustainability Oversight
The Board of Directors also evaluated the company’s performance in several other key areas, including energy efficiency, occupational health and industrial safety, and environmental protection. These domains are integral to PhosAgro’s corporate responsibility strategy, which prioritizes safety, compliance, and long-term sustainability.
During the meeting, the Board reviewed the effectiveness of current safety protocols at production sites and confirmed that the company remains in full compliance with national and international safety regulations. The review included a close look at industrial safety performance indicators and response mechanisms in place to handle potential risks or emergencies.
In the realm of energy efficiency, the Board praised ongoing modernization projects that have resulted in lower energy consumption per tonne of output, thereby reducing the company’s overall carbon footprint. These efforts align with PhosAgro’s green production philosophy, which emphasizes the responsible use of resources and a reduction in environmental impact.
Environmental Stewardship Remains Central
PhosAgro’s commitment to environmental stewardship was another key discussion point. The company continues to uphold rigorous ecological safety standards across all facilities, investing in state-of-the-art monitoring systems and emission reduction technologies.
The Board was briefed on a variety of environmental protection initiatives implemented in 2024, including waste recycling programs, water conservation efforts, and biodiversity preservation projects in regions where the company operates. PhosAgro’s integrated approach to sustainability extends beyond compliance—striving to make a positive impact on the environment and local communities.
Risk Management and Policy Updates
A thorough review of the company’s risk management framework also took place during the meeting. The Board examined the results of key risk monitoring for the fourth quarter of 2024, which included assessments of market volatility, regulatory changes, supply chain disruptions, and geopolitical factors that could impact operations.
In addition, the Board approved a reassessment of key risks for 2025, adjusting risk mitigation strategies to reflect new market realities and external uncertainties. These revisions are part of PhosAgro’s proactive approach to governance, ensuring business continuity and resilience in a dynamic global landscape.
As part of its transparency initiatives, the Board also reviewed and approved an updated version of the Anti-Fraud and Anti-Corruption Policy. The revised document reflects the company’s zero-tolerance stance on unethical behavior and outlines enhanced mechanisms for internal controls, whistleblower protection, and compliance monitoring.
Procurement and Operational Improvements
Another area of focus was the ongoing development of the company’s procurement system for material resources. The Board evaluated improvements in vendor selection, contract management, and digital procurement tools that have led to increased efficiency and cost savings. These enhancements are expected to further strengthen PhosAgro’s supply chain and support its expanding production capabilities.
Board Self-Assessment and Governance Evolution
As part of its corporate governance best practices, the Board of Directors conducted a self-assessment of its activities and effectiveness for 2024. This review included feedback from independent directors and committee members and covered areas such as strategic oversight, decision-making processes, and stakeholder engagement.
Based on the findings, the Board identified several areas for refinement, including enhanced training on ESG (Environmental, Social, and Governance) issues and more frequent engagement with shareholders. The outcomes of the self-assessment will be used to inform governance enhancements in 2025 and beyond.
Strategy and Ambition
With momentum from a highly successful 2024 and a strong start to 2025, PhosAgro is poised to solidify its leadership position in the global fertilizer market. The company’s strategic vision focuses on sustainable growth, innovation in green chemistry, and an unwavering commitment to food security through high-quality agrochemical solutions.
CEO Mikhail Rybnikov concluded his remarks by reiterating PhosAgro’s mission: “Our priority is to help farmers around the world increase crop yields sustainably while maintaining a minimal ecological footprint. The milestones we achieved in 2024 reaffirm that we are on the right path—one that combines economic performance with social responsibility.”
