• Nine-month Ebitda more then doubles to 63 billion rubles
  • Net income rises fivefold to 31.6 billion rubles same period

Phosagro OJSC jumped the most in two months after Europe’s largest phosphate fertilizer producer said profit more than doubled.

The stock climbed as much as 5.4 percent, the most since Sept. 14, and was 5.3 percent higher at 2,785 rubles by 2:51 p.m. in Moscow. The producer’s earnings before interest, taxes, deprecation and amortization more than doubled to 62.8 billion rubles ($957 million) in the nine months to Sept. 30 from a year earlier, while net income rose more than fivefold to 31.6 billion rubles.

Customers delayed fertilizer purchases on expectations of lower prices after they declined about 18 percent on average in the markets that Phosagro operates in, according to VTB Capital data. Industry leaders such as Mosaic Co., the largest U.S. producer, plan to maintain lower production.

Phosagro, whose production costs are among the lowest globally, increased output of phosphate-based products by more than 12 percent from a year earlier and is cutting costs, which helped it achieve “excellent results, even as changes in the global economy have affected the fertilizer market," Chief Executive Officer Andrey Guriev said in the statement.

The company expects phosphate prices to recover in the first quarter because of growing demand in the Americas, the U.S. and Europe.

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