PhosAgro Announces Results of Extraordinary General Meeting of Shareholders

Sample article from our Agriculture Industry

MOSCOW , July 5, 2023 (press release) –

PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces the results of an Extraordinary General Meeting of Shareholders (EGM) held on 30 June 2023 in accordance with a decision of the Company’ Board of Directors, which, at a meeting on 25 May 2023, recognised the ongoing successful implementation of the Company’s development strategy to 2025.

The Board meeting noted the Company’s robust performance in 2022 and 1Q 2023. Last year, PhosAgro expanded its production of agrochemical products by nearly 5%, to a record 11 million tonnes. In 1Q 2023, the Company increased its output of agrochemical products by 6.1%, to more than 2.8 million tonnes. This growth was made possible thanks primarily to the implementation of an investment project for the construction of a new production facility in Volkhov, which will reach its design capacity this year. 

The Company plans to invest a record RUB 67 billion this year and more than RUB 250 billion over the next five years. At the EGM, PhosAgro’s shareholders approved a decision to pay out dividends in the amount of RUB 264 per ordinary share. The EGM set 11 July 2023 as the dividend record date. 

“PhosAgro continues to consistently implement its long-term development strategy, invest in production capacities and increase its production of eco-efficient products while maintaining its commitment to ESG principles. Last year, our production results were the best in the Company’s history, and in the first quarter of 2023 we laid the groundwork for further advances. Our excellent operating and financial performance enables us to fulfil all our obligations to stakeholders and to expand our support for social and charitable programmes, funding for which increased by nearly 150% last year, to RUB 12.9 billion. By adhering to our corporate dividend policy, we support investor confidence, thus increasing our market capitalisation,” said Viktor Cherepov, Chairman of PhosAgro’s Board of Directors, in commenting on the results of the EGM. 

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