MOSCOW, May 2 (PRIME) -- Russian fertilizer producer PhosAgro increased sales of fertilizers, including phosphate-based fertilizers, by 30% on the year to 631,300 tonnes in January-March, the company quoted Deputy CEO for Sales and Marketing Sergei Pronin as saying on Tuesday.
The statement also read that demand for fertilizers increased by 16% and demand for phosphate-based fertilizers grew by 24% in Russia in 2016. PhosAgro’s domestic sales rose by 30% in the period to 2.1 million tonnes.
CEO Andrei Guryev said that the internal market has a strong growth potential. PhosAgro’s sales in Russia more than doubled in the past five years to raise the market share to above 30%.
“I can see an additional growth potential due to the government’s import substitution program and the on-going support of local farmers. I expect that PhosAgro will be able to raise sales to our priority market by an additional 25% to 2.6 million tonnes until 2020,” the statement cited Guryev as saying.
(56.9838 rubles – U.S. $1)
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