Sibur reports 32% y-o-y increase in EBITDA in 2015, on expansion of petrochemicals business

Russian petrochemical and gas processing giant Sibur has reported a 32% year-on-year increase in operating profit (EBITDA) to RUB 136 bln (EUR 1.81 bln) in 2015, thanks primarily to the expansion of its petrochemicals business and despite a challenging environment. Sales in the year were up 5.2% at RUB 380 bln. Sales of plastics and organic synthesis products increased by 39% year-on-year in 2015 to RUB 63.7 bln. Basic polymers sales increased by 33% to RUB 50.9 bln following an increase in the average capacity utilisation rate in PP production at the company’s Tobolsk facility. Sales of petrochemical products increased by 33% year-on-year to RUB 176 bln, while synthetic rubbers sales increased by 26% to RUB 35 bln on the back of an improved market environment, as per Petrochemicals sales volumes increased by 15.2% year-on-year to 2.59m t – volumes of PP increased by 31% to 516,000 t, while sales of plastics and organic synthesis products increased by 17% to 922,000 t. Sales of intermediates and other chemicals increased by 22% to 550,000 t as production facilities were expanded. Sales of synthetic rubbers increased by 14% to 411,000 t attributable largely to improved economics for commodity and speciality rubbers. The company said that the significant growth in revenue and sales volumes for petrochemical products was attributable to capacity expansions in PET and BOPP films, as well as an increase in glycols production from a low base in 2014 as a result of the shutdowns at production sites during that year. Capital expenditure increased by 18% year-on-year to RUB 84.4 bn in 2015. The company’s board has approved a 2016 capital expenditure of RUB 147 bn – the increase being attributable to the start of the implementation of the ZapSibNeftekhim project in Tobolsk.
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