МOSCOW (MRC) -- Despite all the difficulties with raw material supplies and the capacity utilization, Kazanorgsintez showed good results in 2015 that were discussed on 22 April at the annual meeting of the shareholders of the enterprise. The President of Tatarstan Rustam Minnikhanov attended the meeting, said Realnoevremya.
By reducing the production costs, the positive pricing environment in domestic and foreign markets, the company has even improved the financial results in comparison with 2014. So, in 2015, they sold the products at 68.599 billion rubles, which is by 14.117 billion, or by 26% more than in 2014. The volume index amounted to 100.4%. Net profit was 19.296 billion rubles, that is 3.2 times more than in 2014.
Then, the shareholders were told about what dividends will be paid by the end of 2015. So, for dividends it will be allocated 30% of the net profit, or 5.788 billion rubles. In 2014, it amounted to 1.83 billion rubles. Dividends on preferred shares will be 25 kopecks per share, on ordinary shares – 3.23 rubles per one share (in 2014 — 1.01 rubles). 69.6% of net profit will be used to repay loans and accomplish the investment programme.
Despite all the difficulties, Kazanorgsintez continued the implementation of investment programmes. Minnikhanov reminded how in December of 2015 with his participation at the ethylene plant it was commissioned a new highly selective two-chamber furnace of pyrolysis of ethane Technip, a new compounding plant of Сореrion company was commissioned at the plant of production of high-density polyethylene.
As MRC informed earlier, Kazanorgsintez shut down its low density polyethylene (LDPE) production for maintenance. Kazanorgsintez began to taking off-stream its LDPE production for maintenance since 10 April. The plant"s customers said all the reactors had been completely shut by 15 April. The scheduled turnaround will last for a little less than a month. According to the maintenance schedule, the resumption of LDPE production will begin at the beginning of next month, and by 7 May all the reactors should reach their normal capacity utilisation.
Kazanorgsintez (TAIF) is one of Russia"s largest chemical companies. The plant produces more than 40% of all Russian polyethylene (PE) and also produces PE pipes. The company is Russia's largest producer of pipe grade high density polyethylene (HDPE). The plant"s annual HDPE production capacity is 540,000 tonnes and its annual LDPE capacity is 225,000 tonnes.
MRC