Russian fertilizer holding company PhosAgro saw 2011 net profit jump 88 percent year-on-year to $765 million to IFRS, the firm said in a statement on Monday.
Earnings per share soared 89 percent to $5.48 last year compared with 2010.
The company's revenue increased 31 percent in 2011 to $3.420 billion, while Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) amounted to $1.204 billion, a 73 percent growth year-on-year.
"PhosAgro made important progress on key strategic priorities during 2011. We increased vertical integration in key inputs like electricity and increased processing of our own raw materials," PhosAgro CEO Maksim Volkov was quoted in the statement as saying.
"Modernization of our ammonia production has resulted in reduced gas consumption, and therefore lower production costs, per ton of product," he added.
PhosAgro's net debt stood at 15.2 billion rubles as of December 31, 2011 against 3.7 billion rubles year-on-year. Net debt/EBITDA ratio was flat at 0.43.
Sales of phosphate-based fertilizers grew 5.7 percent to 4.062 million tons. Phosphate rock sales fell 12.3 percent to 4.149 million tons, while nitrogen fertilizers sales went up 4.6 percent to 889,400 tons.
