Russian nitrogen and phosphate producer PhosAgro reported first-quarter EBITDA of RUB39.1 billion ($0.43 billion), down 29.5% from last year’s first quarter. The year-over-year decrease was attributed to lower fertilizer prices in global markets and the payment of export duties introduced in 2023.
PhosAgro reported a 6.9% year-over-year production increase, to 3 million mt, driven mainly by a 9.2% increase in the production of phosphate-based fertilizers and feed phosphates, to 2.3 million mt.
Fertilizer sales in the quarter exceeded 3 million mt, up 11.4% from last year’s first quarter, while phosphate sales rose 16% year-over-year. First-quarter revenue was reported at RUB119.3 billion ($1.31 billion), an increase of 2.7% from last year due to the increased production and sales.
PhosAgro posted average prices in the first quarter of $515/mt FOB Baltic for MAP, $535/mt FOB Baltic for DAP, $293/mt FOB Baltic for prilled urea, and $224/mt FOB Baltic for ammonium nitrate.