MOSCOW – PJSC PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated producers of phosphate-based fertilizers, held its Annual General Meeting (AGM), during which shareholders elected a new Board of Directors. Notably, the composition of the Board remained unchanged, reflecting investor confidence in the current leadership and the company’s strategic direction.
During the AGM, shareholders also reviewed and approved the company’s 2024 Annual Report, which documented PhosAgro’s exceptional operational and financial performance. The report underscored a landmark year for the company, with total fertilizer production reaching an unprecedented 11.8 million tonnes—a 4.3% increase compared to 2023. This surge in production solidified PhosAgro’s ability to maintain stable supply to its primary market in Russia while continuing to serve over 100 international markets, affirming its role as a critical contributor to global food security.
CEO Highlights Operational and Strategic Achievements
Commenting on the company’s performance, PhosAgro CEO Mikhail Rybnikov emphasized the resilience and strength of the organization amidst external challenges, including geopolitical tensions, volatile commodity markets, and shifting global trade dynamics.
“Despite a complex operating environment, PhosAgro maintained a strong growth trajectory,” Rybnikov said. “We achieved excellent results not only in the production and sale of fertilizers but also in executing our long-term investment programme. Over the last three years, we have invested more than RUB 200 billion in our development projects. Remarkably, by the end of 2023, we had already reached the key objectives outlined in our 2020–2025 Development Strategy—two years ahead of schedule.”
In 2024 alone, PhosAgro made record-breaking investments amounting to RUB 75 billion. These funds were channeled into critical infrastructure upgrades and production expansions across the company’s facilities. In Cherepovets and Volkhov, the company enhanced phosphate rock processing capabilities by nearly 400,000 tonnes. At the Balakovo site, the plant began manufacturing diammonium phosphate (DAP), a key fertilizer, and ramped up feed monocalcium phosphate production by an additional 100,000 tonnes per year. The facility’s SK-20 sulphuric acid unit reached design capacity, boosting output by 350,000 tonnes annually and contributing to a 13% increase in sulphuric acid production, which now approaches 3 million tonnes per year.
Significant advancements were also made in mining operations. In 2024, PhosAgro launched production at the +10 meter level of the Kirovsky mine, and initiated underground extraction in the Gakman section of the Yukspor deposit—both essential for securing long-term access to high-quality raw materials.
Expansion Projects Support Long-Term Growth
Looking ahead, PhosAgro is continuing its efforts to expand production capabilities and improve operational efficiency. One key initiative involves the expansion of aluminium fluoride production capacity at the Cherepovets facility. Aluminium fluoride, vital for aluminium smelting, will see its output increase from 75,000 to 79,000 tonnes annually by 2025.
Simultaneously, the company is implementing the third phase of expansion at its Balakovo production complex. This project involves installing flexible systems capable of manufacturing a broad range of fertilizers, including monoammonium phosphate (MAP), diammonium phosphate (DAP), nitrogen-phosphorus-sulphur (NPS), and nitrogen-phosphorus-potassium (NPK) fertilizers. Upon completion, fertilizer production at Balakovo is expected to grow by nearly 1 million tonnes, raising total output at the facility to 3.5 million tonnes annually—significantly benefiting Russian farmers and international customers alike.
Further investments are being directed toward increasing sulphuric acid capacity through the SK-20/1 plant, scheduled for completion in the second half of 2025. This new facility will add 750,000 tonnes of sulphuric acid production per year. The company also plans to complete a phosphogypsum conversion unit at Balakovo and to boost in-house power generation by 50%, equivalent to 187 million kilowatt-hours annually.
Long-Term Mining Investments and Strategic Development
In Kirovsk, PhosAgro is moving forward with the development of a new mine targeting the Rasvumchorr Plateau deposit. This ambitious project carries a total investment value of approximately RUB 38 billion and will significantly enhance the company’s resource base. Additionally, PhosAgro has earmarked over RUB 33 billion for the development of the Vostochny mine, with phased implementation through 2035. These efforts are integral components of PhosAgro’s updated long-term Development Strategy through 2030, which aims to reinforce the company’s global leadership in sustainable fertilizer production.
Strengthening Social Contributions and Employee Welfare
In tandem with its business expansion, PhosAgro has significantly increased its commitment to social responsibility. In 2024, the company allocated a record RUB 14.5 billion to support various social programmes, marking a 20% rise from the previous year. These initiatives span community development, education, healthcare, and environmental protection in the regions where PhosAgro operates.
Employee welfare also remains a top priority. From 2022 through 2024, the average salary of PhosAgro employees grew by two-thirds, reaching RUB 184,000. Furthermore, the company’s tax contributions to regional and federal budgets rose by 15% in 2024, totaling over RUB 79 billion. These figures highlight PhosAgro’s role as not only a key industrial player but also a socially responsible employer and corporate citizen.
Dividend Declaration and Financial Governance
The AGM concluded with the approval of a resolution concerning the distribution of 2024 profits, including the declaration of final dividends. Shareholders will receive a dividend of RUB 87 per share, with 9 June 2025 set as the record date for eligibility. Including both interim and final dividends, the total payout for the year amounts to RUB 639 per share, reflecting the company’s commitment to returning value to investors.
In addition to dividend decisions, shareholders elected members to the Audit Commission and approved PhosAgro’s 2024 financial statements. The AGM also established remuneration and compensation guidelines for the Board of Directors. JSC Unicon was appointed as the company’s independent auditor for the 2025 financial year.
