Moscow, July 31 - Neftegaz.RU. SIBUR Holding, an integrated petrochemicals company, on July 30 published its operational and financial results for the 3 and 6 months ended 30 June 2019 in accordance with International Financial Reporting Standards (IFRS).
Highlights:
- Revenue increased by 3.3% year-on-year to RUB 266.3 billion due to an increase in all reporting segments.
- EBITDA decreased by 3.4% year-on-year to RUB 86.1 billion mainly due to a decrease in Plastics, Elastomers and Intermediates EBITDA.
- EBITDA margin totaled 32.3%, remaining at a consistently high level relative to industry average.
- Net profit increased by 69.2% to RUB 77.6 billlion, largely on the back of the revaluation of the Company’s FX-denominated debt.
- Total debt increased by 10.6% to RUB 367.6 billion with Net debt/EBITDA ratio standing at 1,76х.
- At the ZapSibNeftekhim complex, the main construction and installation works have been completed, commissioning is in progress: test volumes of polypropylene are being supplied to customers, the first batches of polyethylene have been received.
- Fitch Ratings has upgraded SIBUR’s long-term issuer default rating (IDR) to ‘BBB-’ from ‘BB+’. The Outlook is Stable.
- In July, SIBUR and Gazprom Neft have consolidated 100% of the authorized capital in Poliom, a polypropylene plant in Omsk
- SIBUR and Sinopec signed a distribution agreement to supply polyethylene to China from SIBUR’s ZapSibNeftekhim plant, and a Term Sheet regulating key principals of a potential joint venture (JV) for development and operations of the Amur Gas Chemical Complex (AGCC). Subject to SIBUR's final investment decision, Sinopec is expected to participate at a 40% share stake in the JV (June 2019).
To read the article in Russian.
