Moscow – PhosAgro, one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces the results of an Extraordinary General Meeting of Shareholders (EGM) held on 11 September 2024 following a decision of its Board of Directors, which, at its meeting on 7 August, noted a dynamic increase in production in the first half of 2024.
During this period, the Company increased its production of agrochemicals by 3.6%, reaching 5.9 million tonnes. PhosAgro’s CEO, Mikhail Rybnikov, emphasized during the meeting that, at the current growth rate, the Company is on track to produce over 11.5 million tonnes of agrochemicals by year-end.
In the first half of 2024, PhosAgro continued its progress in executing its development strategy to 2025. The Company plans to allocate over RUB 73 billion for investments this year, which would set a new record.
PhosAgro also continues to increase its investment in human capital. The Apatity branch of Murmansk Arctic University will soon play a pivotal role in training personnel for both the Company and the broader mining industry, as it will host the country’s leading centre for training mining engineers. Some RUB 3 billion has already been invested in the development of the facility.
The EGM approved the payout of dividends based on the Company’s results for the first half of 2024, with shareholders agreeing to pay dividends at a rate of RUB 117 per ordinary share, and confirming 22 September 2024 as the dividend record date.
Viktor Cherepov, Chairman of PhosAgro’s Board of Directors, said: “We remain committed to executing our long-term development strategy, investing in our production capacities, increasing our output of environmentally friendly products and implementing large-scale social programmes, including personnel training. Over the past decade, we have allocated more than RUB 11.5 billion to develop our educational model and ensure a steady talent pipeline. This model, which starts in school and continues through higher education and employment with the Company, has already proven successful. We are welcoming an ever-increasing number of highly qualified young specialists every year who ready to work with state-of-the-art equipment from day one. Overall, our funding for social and charitable programmes has increased sevenfold over the past 10 years. In 2022–2023, we committed over RUB 25 billion for these initiatives.”