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NKNK profit increased six times in the first half of the year

September 01/2021

MOSCOW (MRC) - PJSC "Nizhnekamskneftekhim" (NKNKh, part of TAIF) received 27.6 billion rubles in the first half of the year. net profit under the international financial system (IFRS) against 4.6 billion rubles. a year earlier, according to Kommersant.

This is six times more than the same period last year. Revenue in the reporting period increased 1.7 times - up to Rb121.5 bn. Income from operating activities amounted to Rb30.3 bn against Rb10 a year earlier.

Profit before tax rose to Rb34.6 bn against Rb5.8 bn in the same period last year.

Earlier it was noted that Nizhnekamskneftekhim continues construction of the Ethylene-600 olefin complex in accordance with the schedule, despite the claims of Rostekhnadzor due to the adjustment of the project documentation, the general director of the company Ayrat Safin said in April this year at the international forum on energy efficiency and ecology in Kazan.

The construction of the olefin complex is carried out within the framework of a memorandum of strategic cooperation concluded in June 2017 between TAIF Group, which includes Nizhnekamskneftekhim, and the German company Linde AG. The basic agreement on the design, supply of equipment and the provision of services for the commissioning of the first stage of the future plant was signed between Nizhnekamskneftekhim and the Linde Engineering division. In February 2019, a contract for construction and installation work was signed with the Turkish company Gemont.

As MRC reported, NKNK's revenue in 2020 amounted to Rb153.989 bns, which is Rb24.981 bn less than in 2019. The spread of the new coronavirus infection had a significant impact on the financial performance of Nizhnekamskneftekhim. Quarantines have been introduced in many countries of the world, restrictions have negatively affected economic growth and demand and, as a result, economic results.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased.

PJSC "Nizhnekamskneftekhim" (NKNKH) is one of the largest Russian producers of petrochemical products. The production complex of the company includes ten factories of the main production and ten departments (railway transport, main ethylene pipelines, etc.). NKNKh produces over 120 types of chemical products, including synthetic rubber, polyethylene, polypropylene, polystyrene, surfactants. Nizhnekamskneftekhim is part of TAIF Group.
Author:Anna Larionova
Tags:PP, PS, PE, Nizhnekamskneftekhim, Taif -NK, Russia.
Category:General News
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