MOSCOW (MRC) - The largest Russian petrochemical holding SIBUR in the second quarter of 2021 increased its net profit by 60% to 76.43 billion rubles from 47.8 bn rubles a year earlier, mainly due to an increase in prices for its products,the Russia-headquartered producer said.
Adjusted net profit of the holding excluding exchange rate differences in the second quarter increased to 62.8 bn rubles from 4.2 bn rubles in the same period in 2020. Thus, in the second quarter, the company's revenue, compared to the first, increased by 15.8% and amounted to 200.9 bn rubles. Increased by 39.9% and net profit - excluding exchange rate differences, amounted to 62.8 bn.
The company's total debt at the end of the second quarter decreased by 4.4% compared to the end of the previous year, to RUB 388.08 bn.
The company's revenue for the first half of the year increased by 59% year-on-year to RUB 374.24 bn.
The company's EBITDA grew 2.3 times year-on-year to RUB 169.98 billion. EBITDA margin in the second quarter was 48.4% versus 42.4% at the end of the first quarter of 2021. The holding's capital investments in the reporting period decreased by 12.1% and reached 22.2 bn rubles.
In the first half of the year, SIBUR's gas processing plants processed 9.85 bn cubic meters of associated petroleum gas (APG), a decrease of 9.6% from a year earlier, the report said.
Fractionation volume of broad fraction of light hydrocarbons increased by 2.9% year on year and amounted to 3.96 m tonnes. Liquefied petroleum gas sales volumes fell 25.2% to 1.37 m tonnes. Sales of naphtha increased by 3.2% compared to the previous year - up to 506.65 thousand tons. At the same time, polypropylene sales increased by 20.3% - up to 612,000 tonnes. Polyethylene sales volume increased by 48.3% to 818,000 tonnes.
Sales volumes of petrochemical products in the second quarter of this year decreased by 4.8% to 1.3 m tonnes in annual terms. Polypropylene sales during this period increased by 9.2% to 291 thousand tons, polyethylene sales decreased by 8.4% to 383,000 tonnes, the company said.
In April, SIBUR announced a merger with TAIF by exchanging 15% of its shares for 50% + 1 share in TAIF. The scope of the transaction includes only TAIF's petrochemical and generating companies. This merger will increase the scale of SIBUR's operations and strengthen its market leadership. SIBUR and TAIF expect to reach final terms and close the deal in the second half of 2021. TAIF together with SIBUR will spend more than 1 trillion rubles. for the implementation of joint projects. In total, the companies plan to implement over 30 projects.
As per MRC's Sacnplast, SIBUR Tobolsk / Zapsibneftekhim increased capacity utilization in June, the total production of polypropylene reached 97,900 tonnes versus 76,900 tonnes a month earlier (in late April - early May, the company carried out preventive maintenance works). Tobolsk complex's PP overall output reached 537,200 tonnes in the first six months of 2021, up by 28% year on year.
SIBUR manufactures and sells petrochemical products on the Russian and international markets in two business segments: olefins and polyolefins (polypropylene, polyethylene, BOPP, etc.), as well as plastics, elastomers and intermediate products (synthetic rubbers, expanded polystyrene, PET, etc.).