Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), 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 8 December 2022.
The EGM took place in accordance with a decision of PhosAgro’s Board of Directors, which, at a meeting on 3 November 2022, highlighted significant progress in the implementation of the Company’s climate strategy and discussed the Company’s financial statements for the first nine months of 2022.
The EGM noted PhosAgro’s strong performance over the first three quarters of 2022. Mineral fertilizer production increased by 6.7% year-on-year, reaching 8.1 million tonnes. With this trend in mind, the Company was able to improve its forecast for the year: production could exceed 10.9 million tonnes, a year-on-year increase of almost 5%. This expansion was made possible thanks to the smooth, uninterrupted operation of new production facilities launched as part of the Company’s comprehensive long-term development programme.
The Company will invest about RUB 64 billion (including for major overhauls) this year, and more than RUB 250 billion in the next five years. At the EGM, PhosAgro’s shareholders approved a decision to pay out dividends in the amount of RUB 318 per ordinary share. The dividend record date was set as 19 December 2022.
“In the current environment, we are not scaling back our investment programme; we are going to allocate a record amount of funds for the development of our production facilities this year. The Company’s tax payments are going to increase by 50%. In addition, we have more than doubled our support for social and charitable programmes, to RUB 10.9 billion. At the same time, PhosAgro is fulfilling its obligations to its shareholders by paying out dividends that are reinvested in the Russian economy”, said Viktor Cherepov, Chairman of the Company’s Board of Directors, in commenting on the results of the EGM.