MOSCOW, October 3. /TASS/. Phosagro shareholders have not made a decision on dividends for the first half of 2023, the issue of recommendations for profit distribution may be considered by the Board of Directors at one of the next meetings, the company said on Tuesday.

Previously, the Board of Directors recommended interim dividends based on the results of the first half of the year in the amount of 126 rubles ($1.27) per share.

"The issue of recommendations on profit distribution may be considered by the Board of Directors at one of the upcoming meetings," Chairman of the Board of Directors of PJSC PhosAgro Viktor Cherepov said in a statement.

Phosagro's investments in the next five years will surpass 250 bln rubles ($3.8 bln). In the first nine months of 2022, PhosAgro increased its fertilizer production by 6.7% to 8.1 mln metric tons. According to the results of the year, production can grow by almost 5% and exceed 10.9 mln metric tons, the company noted.

Earlier, shareholders of Phosagro also approved a decision on the payment of interim dividends for Q3 2022 in the amount of 318 rubles ($4.9) per ordinary share at an extraordinary meeting held on December 8, 2022. "At the EGM, PhosAgro’s shareholders approved a decision to pay out dividends in the amount of 318 rubles per ordinary share. The dividend record date was set as 19 December 2022," the report said.

PhosAgro is Europe’s biggest and the world’s third-largest manufacturer of phosphate-based fertilizers. Members of the Guryev family are economic beneficiaries of 43.66% of the company.