Despite the very challenging market environment in 2022, the Grupa Azoty Group delivered a strong performance, mainly on the back of its business diversification efforts.

In 2022, the European fertilizer and chemical sector was heavily affected by the market consequences of Russia’s armed aggression against Ukraine and the soaring prices of raw materials and energy carriers. In response, European manufacturers decided to scale down production. As a result, product prices increased, while sales volumes fell, with the demand and supply balance disrupted. Another factor affecting the Group’s performance was the inflation level across Europe, driving up its fixed and variable operating expenses. The business diversification strategy consistently pursued by the Group was a positive contributor.