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PhosAgro reports 1Q20 operating results

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World Fertilizer,

PhosAgro has announced that its fertilizer sales in 1Q20 increased by 10% y/y to 2.8 million t.

Production of phosphate rock and nepheline concentrate increased by 0.9% y/y to 2.95 million t. Production rose by 2% quarter-on-quarter.

Total fertilizer production in 1Q20 amounted to 2.54 million t. Year-on-year growth of 8.6% was due to upgrades to production capacities and efficiency gains achieved during the previous year. Total fertilizer production was up 8% quarter-on-quarter.

Sales of phosphate-based fertilizers grew by 8.2% y/y to 2.08 million t. The increase reached 20.1% quarter-on-quarter on the back of a recovery in seasonal demand and positive demand expectations for agricultural products.

Sales of nitrogen-based fertilizers rose by 13.8% y/y and amounted to 702 000 t. In quarter-on-quarter terms the growth was 30.9%.

Domestic fertilizer sales accounted for 33% of the total in 1Q20 (compared with 17% in 4Q19 and 24% 1Q19), driven by the company's focus on its priority Russian market and the strong recovery in domestic demand.

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