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Phosagro posts 2.7-fold increase in IFRS profit for 1H to over $2 bln

It is noted that sales of mineral fertilizers gained 10.2% in six months of 2022

MOSCOW, August 18. /TASS/. Net profit of Phosagro under International Financial Reporting Standards (IFRS) soared 2.7-fold in January-June 2022 year-on-year to 129.048 bln rubles ($2.15 bln), Russia’s fertilizer producer reported on Thursday.

Adjusted net profit (net profit without including foreign exchange difference on financial activities) climbed 2.4-fold to 108.55 bln rubles ($1.8 bln). The company’s investment program for 2022 will total 64 bln rubles ($1 bln), which is one third higher than in 2021.

EBITDA increased 1.85-fold in the reporting period to 135.548 bln rubles ($2.2 bln). Net debt/adjusted EBITDA was down at 0.22x as of the end of Q2 compared to 0.8x as of the end of 2021.

The production of mineral fertilizers rose by 5.2% in the period year-on-year to 5.32 mln tonnes. Sales of mineral fertilizers gained 10.2% in six months of 2022 to 5.68 mln tonnes.