Saskatoon-based Nutrien has announced net earnings of 7.7 billion dollars in 2022.

The profits were supported by higher fertilizer prices and record performance at Nutrien Ag Solutions, more than offsetting a reduction in fertilizer sales volumes.

Nutrien’s board approved a 10 percent increase in the quarterly dividend to 53 cents per share.

Nutrien expanded its retail network by completing 21 acquisitions in Brazil, the U.S. and Australia for a total investment of 400 million dollars.

Nutrien retail had record adjusted earnings before taxes and depreciation of 2.3 billion dollars in 2022.

Potash adjusted earnings before interest and taxes were 5.8 billion dollars for 2022, more than double compared to the previous year due to higher prices and record offshore sales volumes.

Nitrogen adjusted earnings were 3.9 billion dollars, up 70 percent compared to 2021 due to higher prices more than offsetting higher natural gas costs and lower sales volumes.

Nutrien expects profits this year to range between 8.4 and 10 billion dollars.