PhosAgro Board Approves Report, Highlights Record Production and Logistics
At its most recent meeting, the Board of Directors of PJSC PhosAgro, one of the world’s foremost producers of phosphate-based mineral fertilizers, officially approved the Company’s integrated annual report for the year 2024. This pivotal document reflects the Company’s performance, achievements, and progress across a broad spectrum of operations, demonstrating PhosAgro’s resilience, commitment to sustainability, and strategic advancement in the global agrochemical sector.
Unprecedented Production Milestones in 2024
PhosAgro’s Chief Executive Officer, Mikhail Rybnikov, provided detailed insights into the Company’s operational successes, highlighting that the year 2024 marked a significant milestone for PhosAgro with agrochemical production volumes reaching an all-time high of 11.8 million tonnes. This achievement, Rybnikov emphasized, was the result of the Company’s robust and consistent long-term investment programme, which has underpinned growth, innovation, and capacity enhancement across its production facilities.
Looking ahead to 2025, the Company has set ambitious targets, aiming to exceed 12.5 million tonnes of total production. According to Rybnikov, the Company has already made significant progress toward this goal during the first quarter of 2025. “We laid important groundwork early in the year, setting a new quarterly production record by surpassing 3.11 million tonnes of agrochemical products, which represents a 3.6% increase compared to the same period in 2024,” he stated.
A closer examination of the figures reveals that phosphate-based fertilizers and feed phosphates played a key role in this growth. The output of these essential products rose by 5%, reaching over 2.37 million tonnes during the first quarter—a record for PhosAgro and a clear testament to its operational efficiency and increasing global demand for high-quality fertilizers.
Record Output in Raw Materials and Logistics Performance
Beyond finished products, PhosAgro also recorded unprecedented results in the production of key raw materials. The output of sulphuric acid, a critical input in the production of phosphate fertilizers, reached 2.22 million tonnes in the first quarter of 2025, marking a year-on-year increase of 1.9%. Meanwhile, production of wet-process phosphoric acid also saw a significant rise, increasing by 3.8% to 929 thousand tonnes. These achievements underscore PhosAgro’s effective vertical integration strategy, which enhances supply chain security and reduces dependency on external suppliers.
The Company’s logistics performance was equally remarkable. In the first quarter alone, PhosAgro achieved a new record in freight turnover, transporting more than 10.2 million tonnes of goods. Of this, over 3 million tonnes were agrochemical shipments, ensuring timely delivery to domestic and international customers and reinforcing PhosAgro’s reputation for reliability and efficiency in supply chain management.
Focus on Safety, Sustainability, and Risk Management
In addition to reviewing production and logistics outcomes, the Board of Directors also received comprehensive reports on a variety of operational areas essential to long-term corporate sustainability. One such focus was energy efficiency. The Company has been actively implementing modern technologies and optimizing processes across its production facilities to reduce energy consumption, lower emissions, and improve overall efficiency.
Occupational health and industrial safety were also prioritized, with the Board assessing the Company’s adherence to regulations and internal safety protocols. These efforts are vital not only to protect employees but also to maintain uninterrupted operations in complex industrial environments.
Environmental protection and ecological safety were central themes of the Board meeting. PhosAgro continues to align its business practices with national and international environmental standards, investing in cleaner production technologies and waste minimization initiatives. The Company’s environmental agenda is closely integrated with its broader corporate social responsibility (CSR) strategy, aimed at supporting long-term ecological balance in the regions where it operates.
Strengthening Corporate Governance and Risk Oversight
The Board also undertook a detailed analysis of PhosAgro’s risk management strategy, reviewing the outcomes of key risk monitoring for the fourth quarter of 2024. This included a reassessment of emerging and strategic risks for the upcoming year, 2025, with a particular focus on global market volatility, supply chain disruptions, regulatory changes, and environmental factors.
As part of its ongoing commitment to excellence in corporate governance, the Board also evaluated the development of the Company’s procurement system for material resources. Ensuring transparency, efficiency, and cost-effectiveness in procurement is seen as a strategic priority for maintaining production continuity and safeguarding shareholder value.
Additionally, the Board reviewed the results of its own performance self-assessment for 2024. This evaluation is part of PhosAgro’s commitment to best governance practices, enabling directors to identify areas for improvement and to strengthen decision-making processes at the highest levels of the Company.
One of the most notable decisions to emerge from the meeting was the approval of a revised version of PhosAgro’s Anti-Fraud and Anti-Corruption Policy. This updated policy reflects the Company’s unwavering stance on ethical business conduct, reinforcing measures to detect, prevent, and respond to any instances of fraud or corruption. The policy revision also aligns PhosAgro’s practices with evolving global standards and stakeholder expectations.
Commitment to Continued Growth and Global Leadership
PhosAgro’s 2024 performance and strategic outlook for 2025 demonstrate the Company’s continued growth trajectory and its expanding role as a global leader in the agrochemical industry. The combination of record-setting production, operational excellence, and a forward-looking governance structure positions PhosAgro to meet the rising global demand for sustainable agricultural inputs.
“Every success we achieved in 2024 is the result of a collective effort—our teams, our partners, and our stakeholders,” said CEO Mikhail Rybnikov. “We are proud of what we’ve accomplished, but we remain focused on the future. As we aim to surpass 12.5 million tonnes of production in 2025, we will continue to innovate, invest, and uphold the values that define PhosAgro.”
With its integrated strategy and commitment to sustainability, PhosAgro is well-poised to remain at the forefront of the global fertilizer industry, helping farmers around the world to grow more food, more efficiently, and more sustainably.
