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PhosAgro's FY'16 profit jumps 64% on ruble appreciation

PJSC PhosAgro's net profit in 2016 jumped 64% year over year to 59.89 billion Russian rubles, or 462 rubles per share, mainly on the back of an appreciation of the ruble against the U.S. dollar.

The currency appreciation also resulted in a foreign exchange gain of 16.96 billion rubles in the year, compared to a forex loss of 22.18 billion rubles the year before.

Revenue for the company declined 1% year over year to 187.74 billion rubles in 2016, the company said March 27.

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.

The company's operating profit dropped 16% to 61.6 billion rubles, while EBITDA fell 12% to 72.37 billion rubles.

Last week, PhosAgro's board recommended a dividend of 30 rubles per share, almost half of the prior-year dividend of 57 rubles per share.

As of March 24, US$1 was equivalent to 57.13 Russian rubles.