PhosAgro, a leading global producer of phosphate-based fertilizers listed on the Moscow Exchange and LSE under PHOR, conducted its Annual General Meeting (AGM) on 30 June via absentee voting, where shareholders elected a new Board of Directors. The composition of the Board remained unchanged.
During the AGM, PhosAgro’s Annual Report for 2023 was approved, reflecting a record production achievement. The company set a new milestone by producing 11.3 million tonnes of mineral fertilizers, marking a 2% increase from the previous year. These fertilizers are essential for the Russian market and are supplied to over 100 countries worldwide.
Mikhail Rybnikov, CEO of PhosAgro, highlighted the company’s ongoing commitment to its development strategy through 2025. Investment projects include expansions in Cherepovets and Volkhov to increase phosphate rock processing capacity by over 400 thousand tonnes. The Balakovo production complex is also expanding, with plans to raise fertilizer production by nearly 1 million tonnes by 2025, totaling 3.5 million tonnes annually.
Rybnikov further noted advancements in ore and enrichment facilities, including the construction of a new mine at the Rasvumchorr Plateau deposit and the ANOF-3 reconstruction project to boost phosphate rock processing plant capacity by almost 12% to 10.5 million tonnes per year.
PhosAgro’s robust capital investments, totaling RUB 73 billion for 2024, supported these achievements, contributing to a projected production record of over 11.5 million tonnes of agrochemical products for the year.
In terms of distribution, PhosAgro-Region, Russia’s largest fertilizer network, increased deliveries to domestic agribusinesses, surpassing previous performance with total deliveries reaching 3.3 million tonnes in FY 2023, a 12% rise year-on-year.
The AGM also endorsed the payment of dividends for FY 2023 and 1Q 2024 at RUB 309 per ordinary share, with the dividend record date set for 11 July 2024. Additionally, the meeting elected members to PhosAgro’s Audit Commission, approved the 2023 financial statements, and determined remuneration for the Board of Directors.
JSC Unicon was appointed as PhosAgro’s auditor for the year 2024, concluding the key decisions and outcomes of the AGM.
