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PhosAgro Announces Results of EGM

25 June 2021
Moscow - PJSC PhosAgro (Moscow Exchange, LSE: PHOR), a Russian vertically integrated company and one of the world's leading producers of phosphate-based fertilizers, today announces the results of an Extraordinary General Meeting of shareholders (EGM). 

The EGM was held on June 22, 2021, following the decision of the Board of Directors at a meeting on May 18, 2021, during which the Board recognized the successful implementation of the Company's strategy to 2025 and reviewed the Company’s 1Q 2021 financial results. 

The Board of Directors also noted the Company’s strong performance in 1Q 2021 in terms of production and sales volumes. PhosAgro achieved another production record of 2.6 million tonnes of fertilizers and feed phosphates for the quarter, up 2.3% year-on-year. This was the result of the execution by PhosAgro’s entire workforce of the Company’s strategy to 2025, based on ongoing upgrades to operational efficiency and fertilizer output while maintaining a commitment to ESG leadership. 

To achieve these goals, PhosAgro is building а modern fertilizer production complex in the town of Volkhov, Leningrad region. In April, the first phase of the new factory came online, including production lines with capacity of 300,000 tonnes of MAP per year. Once completed, the new facility will have total capacity of almost 900,000 tonnes, supporting the long-term growth of the Group's operational results.

Members of the Board of Directors, led by Chairman Xavier Rolet, thanked PhosAgro’s workforce for their efficient work and strict adherence to safety measures amid the coronavirus pandemic. 

At the EGM, PhosAgro shareholders approved dividends totaling RUB 13.5975 billion, or RUB 105 per ordinary share (RUB 35 per GDR). The dividend record date has been set as 5 July 2021. 

“An active vaccination campaign among employees, resulting in more than 70% of PhosAgro’s workforce building immunity to COVID-19, and coordinated teamwork by all employees ensured safe operations and continued implementation of our investment programme. As a result, we delivered solid production figures and financial results in Q1, enabling us to steadily fund new strategic investment projects - this year we will invest RUB 41.5 billion, to continue to support social and charitable programmes and to make dividend payments. Today, plans for the Company's future growth through 2030 are already under way. Some of these take the form of specific investment projects which will be included in the updated version of the Strategy to 2025 that will be submitted to the Board of Directors for consideration by the end of this year,” said Andrey Guryev, CEO of PhosAgro and Head of the Russian Fertilizer Producers Association (RFPA).