KazanOrganichesky sintez : Q3 becoming the best one for Kazanorgsintez PJSC in 2020

30 October 2020

Q3 becoming the best one for Kazanorgsintez PJSC in 2020

Kazanorgsintez PJSC published the accounting statements as per RSA standards following the results of nine months of 2020. According to the statement of financial results, the sales for the given period amounted to RUB 46.856 bn, and the net earnings amounted to RUB 6.499 bn. Despite a wide range of investment projects being implemented the enterprise keeps on forgoing loans.

The third quarter turned out to be the most successful one for Kazanorgsintez PJSC. During this period the enterprise received the net earnings in the amount of RUB 2.447 bn given that this indicator showed the level of RUB 2 bn in Q1 and Q2. The increment became possible owing to the emerging activity at the polymer market. However, the negative trends of the first half of 2020 were still effective. For this reason, the general financial indicators for the nine months turned out to be lower than those of the preceding year.

It will be remembered that the year of 2020 started to set the price for oil and correlating feedstock at a level lower than normal. It inevitably resulted in the fall of world prices for polymers as well. After OPEC deal the feedstock resources demonstrated skyrocketing prices. Consequently, the petrochemical industry came across a catastrophic feedstock shortfall. It was a particularly acute problem in Russia. Alongside this, the coronavirus infection had a negative effect on the markets. Lockdown measures taken worldwide severely restricted capabilities of polymer manufacturers and converters. The market recovery outlined at the end of Q2.