Kazanorgsintez PJSC receives RUB 2 bn net earnings

6 May 2020

 Kazanorgsintez PJSC receives RUB 2 bn net earnings

PJSC Kazanorgsintez summarized the financial results of the first quarter of 2020. According to the financial statements, the Company’s net earnings for this period amounted to RUB 1.973 bn. The sales of Kazanorgsintez PJSC amounted to RUB 16.233 bn. for the first quarter of 2020.

Kazanorgsintez PJSC did not reduce the production output and products sale. Thereby, a positive financial result was achieved even under worsened market performance. In the first half-quarter mainly negative trends prevailed at the Russian polymer market, including surplus and low prices. Price increase for a number of polymers (in particular, LDPE and polycarbonates) was outlined in March.

In the first quarter of 2020, however, Kazanorgsintez PJSC continued to adhere to conservative credit policy. The Company did not have long-term loan obligations and carried out all revamping activities at its own expense. It will be recalled that in March such actions taken by the Company both allowed maintaining the borrowed funds and equity capital ratio being supportive for the Company’s economics and were highly appreciated by Fitch Ratings experts. Therefore, the agency confirmed the long-term rating of Kazanorgsintez PJSC to be “B +”, the Outlook is Stable.

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ПАО "Казаньоргсинтез"

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