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Phosagro posts threefold decline in IFRS net profit for 1H to $434 mln

Revenue of Phosagro decreased by 36.8%, to 212.75 bln rubles ($2.2 bln)

MOSCOW, August. /TASS/. Net profit of Phosagro under International Financial Reporting Standards (IFRS) plummeted threefold in January-June 2023 year-on-year to 41.5 billion rubles ($434 mln), Russia’s fertilizer producer reported on Tuesday.

Adjusted net profit decreased by 48% year-on-year to 55.8 billion rubles ($584 mln), the company said.

Free cash flow increased by 47% and amounted to 60.1 bln rubles ($628.7 mln). EBITDA in the first half of the year decreased by 29%, to 96.5 bln rubles ($1.01 bln), adjusted EBITDA - by 50%, to 82.8 bln rubles ($867 mln).

Revenue of Phosagro decreased by 36.8%, to 212.75 bln rubles ($2.2 bln). As the company explained, the decrease in revenue is attributed to a decrease in world prices for fertilizers from the highs of early 2022.

EBITDA margin was 45.4%, 5.1 ppt higher than in 1H 2022, driven by cost management and increased sales of high-margin products.

Net debt as of the end of the half year amounted to 200.2 bln rubles ($2.2 bln). The ratio of net debt to adjusted EBITDA at the end of the quarter was 1.09x.

"Thanks to its efficient operations, the Company was able to generate a high amount of free cash flow in 1H 2023 despite a correction in global fertilizer prices," the report says. Fertilizer production by Phosagro in the first half of the year increased by 4.3% to 5.7 million tons.

Phosagro noted that it is reducing the share of debt in dollars in the loan portfolio, including by replacing the redeemed issue of Eurobonds PHOR-23 with issues of Russian exchange bonds in rubles and yuan.

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