Acron Group’s Commercial Output Up 4.5% in Q1 2021
22 April 2021
Acron Group’s Commercial Output Up 4.5% in Q1 2021
Group’s consolidated output (including operating results for Acron, Dorogobuzh and
North-Western Phosphorous Company)
|Product, ‘000 t||Q1 2021||Q1 2020||YOY, %|
|incl. in-house consumption||677||634|
|Nitrogen fertilisers, including||1,170||1,114||5.0|
|incl. in-house consumption||170||170|
|incl. in-house consumption||46||53|
|incl. in-house consumption||124||117|
|incl. prilled urea||56||131||-57.1|
|incl. in-house consumption||5||3|
|incl. granulated urea||151||0||increase|
|incl. in-house consumption||7||0|
|Complex fertilisers, including||611||618||-1.1|
|incl. in-house consumption||8||9|
|incl. in-house consumption||8||9|
|Total commercial output for Mineral Fertilisers||1,615||1,596||1.2|
|Organic compounds, including||118||112||5.2|
|incl. in-house consumption||62||55|
|incl. in-house consumption||23||20|
|incl. in-house consumption||38||35|
|incl. in-house consumption||1||1|
|Non-organic compounds, including||290||249||16.5|
|Low-density and technical-grade AN||125||78||61.0|
|Liquid carbon dioxide||12||12||-0.8|
|Total commercial output for Industrial Products||346||306||13.2|
|incl. in-house consumption||238||209|
|Total commercial output for Apatite Concentrate||75||47||60.6|
|TOTAL COMMERCIAL OUTPUT||2,035||1,948||4.5|
Note: Commercial output is output less in-house consumption.
Comments from Chairman of Acron’s Board of Directors Alexander Popov:
‘In the first quarter of 2021, Acron Group produced 2,035,000 tonnes of its main commercial products. This is the third straight quarter that our commercial output has exceeded 2 million tonnes.
‘The capacity-building projects completed in the past year have already delivered positive outcomes: ammonia output increased 2%, and urea output was up 30%. It is particularly satisfying that granulated urea output at the new unit put on stream in May 2020 is still growing, reaching 151,000 tonnes in the reporting period.
‘We continue to focus on progressive development, with plans to further increase our commercial output. Construction of the Urea-6+ unit is underway, with expected commissioning in the second quarter of 2021. This new unit will add 520,000 tonnes of urea per annum to our total urea capacity.
‘Today, almost all of the ammonia produced by Acron Group is processed in-house into finished products with high added value, so we are implementing projects to boost capacity at the Ammonia-2 and Ammonia-3 units in Veliky Novgorod. Once these two units are upgraded using the best available technology in 2023, they will provide all of the ammonia required by our Novgorod–based facility’.
Global urea prices grew rapidly in Q1 2021. Baltic FOB prices reached a seven-year record-high of USD 350. This sharp rise was driven by several factors, including strong seasonal demand in Europe and the United States, limited urea volume available for export from China, an increase in global prices for natural gas, and record-high grain prices. India’s urea purchases give additional support to the market. However, the end of the high season in Europe and the United States and the expansion of Chinese exports may cause an excess of supply on the market, which could grow further this year with the commissioning of new production facilities in Africa and India.
In Q1 2021, AN and UAN prices also increased to their highest level in several years due to strong seasonal demand in the Northern Hemisphere and growth in urea prices used as a benchmark for other nitrogen fertiliser prices.
NPK prices increased in Q1 2021 as well, mainly driven by higher prices for basic products (urea, DAP, and potassium chloride). The increase in basic product prices outstripped blends because of their higher liquidity, so the NPK 16-16-16 premium over the basic product basket decreased to 5% from the historical average of 20%.
Average Indicative Prices, USD per t, FOB Baltic/Black Sea
|Q1 2021||Q4 2020||Q1 2020||Q1 2021/|
Phone: +7 (495) 777-08-65 (ext. 5196)
Phone: +7 (495) 745-77-45 (ext. 5252)
Acron Group is a leading vertically integrated mineral fertiliser producer in Russia and globally, with chemical production facilities in Veliky Novgorod (Acron) and Smolensk region (Dorogobuzh). The Group owns and operates a phosphate mine in Murmansk region (North-Western Phosphorous Company, NWPC) and is implementing a potash development project in Perm Krai (Verkhnekamsk Potash Company, VPC). It owns transportation and logistics infrastructure, including three Baltic seaport terminals and distribution networks in Russia and China. Acron subsidiary North Atlantic Potash Inc. (NAP) holds mining leases and an exploration permit for ten parcels of the potassium salt deposit at Prairie Evaporite, Saskatchewan, Canada. Acron also holds a minority stake (19.8%) in Polish Grupa Azoty S.A., one of the largest chemical producers in Europe.
In 2020, the Group sold 7.8 million tonnes of main products to 74 countries, with Russia, Brazil, Europe and the United States as key markets.
In 2020, the Group posted consolidated IFRS revenue of RUB 119,864 million (USD 1,661 million), with EBITDA of RUB 35,311 million (USD 489 million). Acron’s shares are traded on the Moscow Exchange and its global depositary receipts are traded at the London Stock Exchange (ticker AKRN). Acron employs over 11,000 people.
For more information about Acron Group, please visit www.acron.ru/en.
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