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PhosAgro recommends lower dividend YOY

PJSC PhosAgro's board recommended a dividend of 24 Russian rubles per common share, for a total of 3.11 billion rubles.

This compares to a dividend of 30 rubles per share, or a 3.89 billion rubles, for the prior year.

Shareholders will vote on the payout in a July 6 extraordinary general meeting, according to the May 29 release.

Meanwhile, the CEO of the Russian fertilizer producer, Andrey Guryev, said that the company will look to increase its operational efficiency as part of its long-term development strategy through 2025.

PhosAgro's overall fertilizer production in the first quarter grew 18.5% year over year, exceeding 2.3 million tonnes, and total fertilizers sales swelled 20.5% to 2.4 million tonnes.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.