PhosAgro Board of Directors declares 2018 “outstanding”
Published by Nicholas Woodroof,
In summing up 2018, PhosAgro CEO and Board of Directors member, Andrey Guryev, said: “The company increased production volumes last year, with the production of fertilizers and feed phosphates growing by 7.6% y/y to 9 million t. We also produced a record 10 million t of phosphate rock.
“PhosAgro retained its position as the leading supplier of all types of fertilizers to the rapidly-growing Russian market, where we sell more crop nutrients than to any other country in the world, with sales of our own fertilizer products amounting to 2.43 million t in 2018. Combined with third-party products, we sold nearly 3 million t of fertilizers in our priority market.
“We continued to fulfil our obligations to shareholders by paying out dividends at a decent level, while also implementing investment and production programmes, as well as social and charitable projects. We also strengthened cooperation with international organisations in the field of sustainable development and with scientific institutions working in the field of innovation-driven development.
“PhosAgro became the first Russian company in the history of the UN’s Food and Agriculture Organization to be selected to implement a global soil protection initiative. We were the first private Russian corporation to conclude an agreement with the Russian Academy of Sciences on cooperation in the field of the innovative development of fertilizer production. The company was awarded a gold medal by the International Fertilizer Industry Association for industrial safety, occupational health and safety and environmental protection.”
Jim Rogers, PhosAgro Independent Non-Executive Director, said: “PhosAgro’s impressive financial results are largely driven by growing demand for complex mineral fertilizers in the Russian market, which is the Group’s priority market. The long-term state policy being implemented by the Agriculture Ministry headed by Dmitry Patrushev to develop the Russian agricultural industry by supporting the production of high-quality ‘green’ foodstuffs, as well as non-raw-materials exports, is driving the synergetic, innovation-based development of Russian agriculture and the fertilizer sector.”
In addition, the company has elected a new Management Board that includes: PhosAgro CEO Andrey Guryev; PhosAgro’s First Deputy CEO, Mikhail Rybnikov; PhosAgro Deputy CEO Siroj Loikov; Deputy CEO for Corporate and Legal Affairs Alexey Sirotenko; PhosAgro’s Director for Business Development Roman Osipov; PhosAgro CFO Alexander Sharbaika; First Deputy CEO of Apatit Alexander Gilgenberg; and the Chief of Staff for PhosAgro’s CEO, Alexander Seleznev. In addition, consent was given to the members of the Management Board to hold positions in the governing bodies of other organisations.
The Board of Directors also recommended that the Annual General Meeting of Shareholders (AGM) adopt a decision to pay out dividends in the amount of RUB6.6 billion, or RUB51 per ordinary share (RUB17 per GDR) from retained earnings as of 31 December 2018. The AGM will take place on 24 May 2019. The record date for shareholders eligible to participate in the AGM was set as 29 April 2019. The Board of Directors also approved the meeting’s agenda. It was recommended that the AGM confirm 10 June 2019 as the record date for shareholders eligible to receive dividends.
Read the article online at: https://www.worldfertilizer.com/phosphates/20032019/phosagro-board-of-directors-declares-2018-outstanding/
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