The board of PJSC PhosAgro recommended that shareholders approve a dividend of 1.94 billion Russian rubles, or 15 rubles per share, to be paid from the company's 2017 net profit.

The proposed dividend will be paid to shareholders on record as of June 13.

For 2016, the Russian fertilizer producer had proposed a dividend of 3.89 billion rubles, or 30 rubles per share.

As fertilizer prices continue to recover, PhosAgro boosted its overall production in the fourth quarter of 2017 by over 13% to 2.3 million tonnes.

As of March 19, US$1 was equivalent to 57.87 Russian rubles.