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PhosAgro Announces Results of Extraordinary General Meeting of Shareholders

14 September 2021
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 13 September 2021.

The EGM took place in accordance with a decision of PhosAgro’s Board of Directors, which, at a meeting held on 6 August 2021, noted the Company’s consistent dynamic development and growth in key operating and financial metrics during the 10 years since its IPO in July 2011, and discussed the Company’s financial statements for the first half of 2021. 

The Board meeting noted the Company’s strong results in the first half of 2021. Fertilizer production increased by 0.7% year-on-year to 5.1 million tonnes, and fertilizer sales remained at record high levels for PhosAgro. This was driven by the construction of new, and modernisation of existing, facilities, excellent seasonal demand in the Company’s traditional markets and the affordability of fertilizers for farmers. 

PhosAgro continues to implement its Development Strategy to 2025, which includes construction of a state-of-the-art industrial facility for the production of mineral fertilizers in Volkhov. The first two facilities, with a total capacity of more than 800 thousand tonnes of MAP, were launched in March and June 2021; by the end of the year, a new sulphuric acid production line and a combined heat and power plant is expected to be launched. Once the project is completed, the total capacity of the new units at the production complex is expected to reach almost 900 thousand tonnes, which will provide the basis for the Group’s long-term operational growth. All the production facilities benefit from the best available technologies and comply with all applicable environmental regulations.  

At the EGM, PhosAgro shareholders approved the payment of dividends in the aggregate amount of RUB 20.2 billion, or RUB 156 per share (RUB 52 per global depositary receipt). The record date for eligibility to receive dividends was set as 24 September 2021.

“For 20 years now – PhosAgro is celebrating its anniversary this year – we have aimed to continuously improve operational efficiency and increase fertilizer production while maintaining our commitment to ESG leadership. Strong growth in our production and financial results in the first half of 2021 enables us to continue to finance new strategic investment projects: we are expecting to invest RUB 46.5 billion this year (including capital repairs), and we are targeting to continue to carry out social and charitable programmes as well as make dividend payments. We are now actively working on our plans for the Company’s continued development to 2030. By the end of this year, we plan to include some of them in the form of specific investment projects in an updated version of our Development Strategy to 2025 and to submit the strategy to the Board of Directors for consideration,” said Andrey Guryev, PhosAgro’s CEO and head of the Russian Fertilizer Producers Association.