Nutrien Corp. has increased fertilizer production as rival producers in Russia and Belarus face sanctions.
Nutrien (TSX: NTR) says most of additional volume will be produced in the second half of the year and the company will be hiring additional workers at its potash mines in Saskatchewan.
Nutrien is the world’s largest producer of agricultural fertilizers. This includes nitrogen and phosphates, which it sells in bulk and at the retail level to farmers through a network of more than 2,000 stores.
The industry is in the middle of a secular recovery and the Russian invasion of Ukraine has added pressure to global supplies of fertilizer.
As a result, Nutrien’s shares are up 35.8% year-to-date with most of that coming after Feb. 24 when Russia invaded Ukraine.
Nutrien raised its quarterly dividend by 4% to $0.46 quarterly, effective with the April payment. It yields 1.86% at current prices.
This is an edited version of article that appeared in the Internet Wealth Builder on March 28, 2022.
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