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PhosAgro's annual fertilizer output up 9.4% YOY on strong Q4'16

Russian fertilizer group PJSC PhosAgro's overall fertilizer production in 2016 increased 9.4% year over year to 7.4 million tonnes, after a 13.4% jump in output in the 2016 fourth quarter to 2.0 million tonnes.

Full-year production of phosphate-based fertilizers grew 10.8% to 5.9 million tonnes, while nitrogen-based fertilizers increased 4.3% to 1.5 million tonnes, both on a yearly basis.

In the fourth quarter of 2016, output of phosphate-based fertilizers jumped 16.9% year over year to 1.6 million tonnes, and production of nitrogen-based fertilizers improved 1.6% to 406,100 tonnes.

Production from the company's Apatit mine and beneficiation plant in Russia increased 7.8% during 2016 to 9.5 million tonnes and 2.7% in the fourth quarter to 2.5 million tonnes, on an annual basis.

In the company's Feb. 1 statement, CEO Andrey Guryev noted that global demand for phosphates increased more than 3% in 2016 as compared to 2015.

PhosAgro's total fertilizer sales saw an 8.8% year-over-year increase in 2016, reaching 7.2 million tonnes, which was supported by a 10.6% increase in sales of phosphate-based fertilizers to 5.8 million tonnes. Sales of nitrogen-based fertilizers improved 2.1% year over year to 1.4 million tonnes for the year.

Fourth-quarter 2016 sales gained 12.7% year over year at 1.7 million tonnes, on the back of an 18.5% jump in sales of phosphate-based fertilizers to 1.4 million tonnes. The quarterly sales were partially offset by a 7.1% year-over-year drop in sales of nitrogen-based fertilizers to 327,300 tonnes.

Full-year 2016 sales for the Apatit mine and beneficiation plant jumped 17.2% year over year to 3.4 million tonnes, despite a 3% year-over-year decrease in fourth-quarter sales to 838,400 tonnes.