During its session today, the Board of Directors of PJSC PhosAgro, a prominent producer of phosphate-based fertilizers globally, greenlit the Company’s consolidated IFRS financial statements, its RAS financial statements, and its Integrated Annual Report for 2023. These documents are slated for submission to the Annual General Meeting of Shareholders.
Mikhail Rybnikov, CEO of PhosAgro, highlighted the Company’s significant strides in agrochemical production, reaching a record 11.3 million tonnes last year. The Company aims to surpass this milestone, targeting production exceeding 11.5 million tonnes this year. Achieving this feat is attributed to the successful operations of the new plant in Volkhov, which reached full capacity in March. Additionally, investments in new mining, enrichment, and processing facilities across Kirovsk, Apatity, Cherepovets, and Balakovo, along with the modernization of existing capacities, contribute to this growth trajectory. PhosAgro is set to invest RUB 73 billion in 2024, a portion of which will bolster the expansion of its distribution network in the domestic market, where it maintains a historical leadership position in fertilizer supply to Russian agribusiness.
Simultaneously, PhosAgro demonstrates its commitment to social responsibility through increased support for social and charitable endeavors, with over RUB 25 billion allocated between 2022 and 2023. Notably, the Company’s tax contributions soared by 15% last year, amounting to a record RUB 69 billion, inclusive of windfall tax security payments and export duties. Environmental protection measures received substantial funding, surpassing RUB 9 billion annually.
Viktor Cherepov, Chairman of PhosAgro’s Board of Directors, commended the Company’s achievements, including its recognition across various categories and its top honor at the Responsible Business Leaders national awards. The accolades were conferred during the 33rd Congress of the Russian Union of Industrialists and Entrepreneurs, where Russian President Vladimir Putin participated.
Cherepov emphasized PhosAgro’s commitment to sustainable development, citing its workforce, families, and local communities as pivotal stakeholders. The Company’s dedication to employee welfare is evident in significant wage increases and ongoing support for regional development initiatives.
Regarding shareholder interests, Cherepov hinted at potential discussions on profit distribution in forthcoming Board meetings.
The Board also received updates on PhosAgro Group’s endeavors to enhance energy efficiency, ensure compliance with occupational health and safety regulations, and uphold environmental standards throughout 2023. Additionally, the Board reviewed key risk management assessments for the final quarter of 2023 and reassessed the Company’s risks for 2024. Reports from Board committee chairs and the Board’s self-assessment for 2023 were also scrutinized.
Lastly, the Board sanctioned a report on the Company’s transactions with interested parties in 2023 and endorsed an updated version of its water strategy.
