In Year-End Review, PhosAgro Management Board Highlights New Records in Production, Investment, Tax Payments and Social Support
Moscow – Speaking at a meeting of PhosAgro’s Management Board, the Company’s CEO, Mikhail Rybnikov, announced that the Group is finishing 2024 on a high note, having established several new records in terms of production, investment and social contributions.
“Our production records, high rates of investment growth, expanded social support and increased tax payments are all the result of the concerted efforts and professionalism of our 24,000-strong workforce. With this in mind, the Company’s management has decided to pay all PhosAgro employees a standard bonus at the end of the year, before the upcoming holidays,” concluded Mr Rybnikov.
- By the end of the year, the Company expects to reach a new all-time high in terms of annual production output, exceeding 11.7 million tonnes (up 4% year-on-year). The main factor driving the production increase is the fact that the Company’s Volkhov production complex reached design capacity in 2024.
- The Company continues to grow at a fast past, allocating a record RUB 75 billion for investments in 2024, an increase of 17% above the previous year’s record capital expenditures. In total, the Company has invested RUB 203 billion from 2022 through 2024.
- Funding for social and charitable projects will exceed RUB 14 billion in 2024, a 14% increase on last year’s record amount. In particular, funding increased for the winners of the Responsible Business Leaders national awards, established by Russian President Vladimir Putin. Additional financing was also provided to support youth sports through the Education, Health and Spirituality for Russian Children project (DROZD), to support the Our Beautiful Cities regional beautification programme in the regions where the Company operates and to develop the Company’s pathway for training personnel from school to vocational school or university and on to employment with PhosAgro. Total support for social and charitable projects from 2022 through 2024 will exceed RUB 39 billion.
- PhosAgro’s tax payments at all levels are expected to reach RUB 77 billion (up 12%) in 2024. For the period 2022–2024, the Company’s tax payments will amount to RUB 206 billion.
- Average wages at the Group’s production sites rose 60% over the past three years, reaching RUB 162,600 in 2024.
- The influx of qualified young graduates of PhosAgro’s corporate educational programme is increasing. Over the past 10 years, the Company has hired some 3,000 engineers and blue-collar workers trained with PhosAgro’s support, including the recruitment of nearly 500 more this year.
“Our production records, high rates of investment growth, expanded social support and increased tax payments are all the result of the concerted efforts and professionalism of our 24,000-strong workforce. With this in mind, the Company’s management has decided to pay all PhosAgro employees a standard bonus at the end of the year, before the upcoming holidays,” concluded Mr Rybnikov.