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PhosAgro posts 7% rise in production of agrochemicals to record 3 mln tons for Q1

"This result was attributable mainly to the fact that our Volkhov production complex reached its design capacity," CEO Mikhail Rybnikov said

MOSCOW, April 18. /TASS/. PhosAgro increased its production of agrochemicals by almost 7% in Q1 2024 to a record 3.005 mln tons, the producer of fertilizers reported.

Total fertilizer sales rose by 11.5% in the reporting period year-on-year to over 3 mln tones.

"Quarterly agrochemical production exceeded 3 million tons for the first time in the company’s history. This result was attributable mainly to the fact that our Volkhov production complex reached its design capacity," CEO Mikhail Rybnikov was quoted as saying. "We continue to implement our long-term development strategy, which is aimed at constantly expanding and modernizing our production facilities. This year, we plan to invest a record 73 billion rubles, which is 14% more than the previous year," he added.

Production of phosphate-based fertilizers and feed phosphates increased by 9.2% year-on-year to 2.26 mln tons in the first three months of 2024, according to the report. Meanwhile production of nitrogen-based fertilizers was slightly down - by 0.4% at 672,700 tons.

Production of main feedstocks increased by 3.6% to 3.622 mln tons, mainly due to growth of output of phosphoric and sulphuric acid by 5.4% and by 4.7%, respectively.

PhosAgro is one of the world’s leading phosphate-based fertilizer producers. Members of the Guryev family are the economic beneficiaries of 43.66% of the company. In addition, 4.82% of the shares are directly owned by Evgenia Guryeva and another 20.6% - by the wife of the Rector of the St. Petersburg Mining University Vladimir Litvinenko, Tatyana Litvinenko, who received the package from her husband in May 2022.