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SIBUR net profit grew by 28% last year

February 19/2020

MOSCOW (MRC) - SIBUR's net profit under IFRS in 2019 increased by 27.6% and amounted to 141.4 billion rubles, the company said.

The increase in net profit is mainly due to the revaluation of debt in foreign currencies.

Revenue decreased by 6.6% compared to 2018 and amounted to 531.3 billion rubles. "Revenue declined amid negative dynamics in the gas processing and infrastructure segments, as well as elastomer plastics and intermediates," the press release said. The company notes that the increase in revenue in the segment of olefins and polyolefins as a result of the start of test sales of Zapsibneftekhim polypropylene helped partially offset the decline in the total indicator.

EBITDA decreased by 15.4% - to 170 billion rubles - mainly due to a decrease in the segment of gas processing and infrastructure, as well as in the segment of plastics, elastomers and intermediate products. This effect was partially offset by the contribution of the olefin and polyolefin segment. The EBITDA of the olefin and polyolefin segment showed a significant increase - 30% - up to 49 billion rubles.

In 2019, SIBURs gas refineries processed 22.6 billion cubic meters. meters of associated petroleum gas (APG), which is 1.5% higher than in the same period in 2018. ShFLU fractionation volume remained at the level of 2018 and amounted to 7.7 million tons. LHG sales decreased by 4%, to 5.1 million tons due to an increase in domestic consumption of this type of raw material during commissioning at ZapSibNeftekhim.

As of December 31, 2019, the total debt of the company amounted to 379.7 billion rubles, an increase of 14.2% compared to December 31, 2018. The increase in the indicator is associated with the continuation of the selection of credit lines for the ZapSibNeftekhim project, as well as the inclusion of lease obligations in the debt in accordance with the application of the new IFRS 16 standard from January 1, 2019.

The amount of debt at the end of the year amounted to 379.7 billion rubles, an increase of 14.2%. SIBUR's net debt grew by 14.1% and amounted to 362.3 billion rubles. The net debt / EBITDA ratio was 2.1x compared to 1.6x at the end of the previous year.

It was previously reported that the net profit of SIBUR Holding under IFRS in 2018 decreased by 7.9% compared to 2017 and amounted to 110.8 billion rubles.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

SIBUR is a vertically integrated gas processing and petrochemical company, operating at 26 production sites located in various regions of the Russian Federation. SIBUR sells products to more than 1.4 thousand consumers in the fuel and energy complex, the automotive industry, construction, production of consumer goods, chemical and other industries in 75 countries of the world.
Author:Anna Larionova
Tags:PP, PE, Sibur Holding.
Category:General News
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