According to Reuters, Phosagro – the Russian fertilizer producer – has announced that it experienced a 63% fall in 4Q17 net profit to 4.3 billion roubles (US$75 million).
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The company reportedly cited a stronger rouble, and said that it is aiming to increase its output by 10% in 2018.
According to Reuters, Andrey Guryev, Chief Executive, said: “Despite the effects of the rouble appreciation, which remain unfavourable for all exporters, I believe that Phosagro has successfully passed the peak of its CAPEX cycle and remains well positioned to benefit from the ongoing recovery in fertilizer prices.”
In a statement, Phosagro reportedly stated that its core EBITDA decreased 5% to 12.8 billion roubles. Its EBITDA margin reportedly slid from 34% to just 28%. The company added that its revenue reached 45.8 billion roubles – an increase of 14%.
Reuters reports that among Phosagro’s targets for 2018 is the increase of fertilizer production by 10%. The company reportedly added that it is still optimistic on the price of fertilizer on the back of inflated feedstock prices, as well as the tight supply-demand balance in 1Q18 and early 2Q18.
In the statement the company added: “Despite a significant 30% year-on-year decrease in phosphate exports in the fourth quarter, China is still considered the wild card in the phosphate segment, and we will all be paying close attention to Chinese export numbers for April and May.”