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PhosAgro Reigns Supreme: Wins Grand Prix for the Third Time at Prestigious Russian Business Awards

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Key Takeaways:

  • PhosAgro, a leading phosphate-based fertilizer producer, has won the Grand Prix at the 2022 Russian Business Leader Awards for the third time.
  • The award recognizes PhosAgro’s outstanding performance in corporate social responsibility, economic and investment activity, and sustainability.
  • PhosAgro achieved record-setting production, increased investments in its own development, and implemented salary increases and bonuses for employees.

PhosAgro Wins Grand Prix at Russian Business Leader Awards for the Third Time

Moscow – PhosAgro, a prominent player in the global phosphate-based fertilizer industry, has secured the Grand Prix at the prestigious 2022 Russian Business Leaders: Dynamics and Responsibility awards. The event, organized by the Russian Union of Industrialists and Entrepreneurs (RUIE), honors companies that excel in various categories, including dynamic business development, import substitution projects, territorial sustainability, and environmentally responsible practices. Among the 287 major companies participating in the competition, PhosAgro emerged as the Grand Prix winner for the third time, highlighting its commitment to corporate social responsibility and outstanding business performance.

According to Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs, PhosAgro’s recognition with the Grand Prix for the third time reflects the high regard in which the business community holds the company’s economic and investment activity, as well as its corporate social responsibility efforts. PhosAgro continues to drive sustainability and contributes significantly to enhancing corporate practices nationwide.

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Record-Breaking Achievements and Sustainable Practices

PhosAgro’s remarkable achievements in 2022 played a crucial role in securing the Grand Prix. The company, known for its vertical integration and production of high-quality phosphate-based fertilizers, reached a new milestone with an output of 11.1 million tonnes of mineral fertilizers and feed phosphates, marking a nearly 5% increase from the previous year. Furthermore, PhosAgro invested RUB 63 billion in its own development, representing a third more than the previous year, and set a new record for capital expenditure.

In addition to its impressive production growth, PhosAgro prioritizes the well-being of its employees. The company indexed employee salaries by 29% between 2022 and 2023, leading to an average salary increase of over 40%. PhosAgro also introduced annual bonuses for professional holidays, such as Chemist’s Day and Miner’s Day. To celebrate Chemist’s Day, the company will distribute a bonus of RUB 50,000 to all PhosAgro Group employees and RUB 10,000 to veterans of the company’s production sites. An allocation of RUB 1.5 billion has been made for this purpose.

Consistent Commitment to Excellence

PhosAgro’s journey to winning the Grand Prix began in 2016 when the company was first recognized for its impressive growth rate and socially responsible business practices across various categories. Although the Grand Prix was not awarded in 2017 and 2018, PhosAgro received accolades for dynamic business development, environmental responsibility, and achievements in the area of occupational health and worker safety. In 2019, PhosAgro secured the Grand Prix for the second time, emerging as the winner in more than half the categories.

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The following year, the Grand Prix was awarded to Magnitogorsk Iron & Steel Works, while PhosAgro received recognition for environmental responsibility, the best international project, and best practices for ensuring the safety of workers and counterparties amid the COVID-19 pandemic. In the 2021 competition, Sistema and Sakhalin Energy were honored with the Grand Prix. Finally, in the 2022 awards, PhosAgro once again demonstrated its commitment to excellence, leading to the decision to award the Grand Prix to the company.

Contributing to Societal and Environmental Progress

PhosAgro’s recognition with the Grand Prix was based on various factors, including its steady production growth, increased labor productivity, personnel training and development programs, substantial investments in environmental protection projects, robust social safety net for employees, active participation in social and economic development programs, and charitable initiatives aligned with its social responsibility strategy.

The company’s vertically integrated operations enable it to manufacture and distribute a wide range of high-quality fertilizers and phosphates globally. PhosAgro’s products, including phosphite, phosphate feed, and ammonium and diammonium phosphate, are utilized in approximately 100 countries across all inhabited continents. Besides Russia and the CIS, the company focuses on priority markets in Latin America, Europe, and Asia.

Conclusion

PhosAgro’s exceptional performance and commitment to corporate social responsibility have earned the company the Grand Prix at the 2022 Russian Business Leader Awards for the third time. The recognition highlights PhosAgro’s sustainable business practices, record-breaking achievements in production and investment, and its dedication to supporting its employees. As a leading global producer of phosphate-based fertilizers, PhosAgro continues to contribute to agricultural productivity and food security while maintaining its commitment to environmental protection and societal well-being.

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