SIBUR APG processing up 1.2% in H1, petrochemical sales grow 1.8%

MOSCOW. Sept 12 (Interfax) - SIBUR Holding increased associated petroleum gas (APG) processing by 1.2% to 10 billion cubic meters in the first half of 2024 from 9.9 bcm a year earlier, the Russian petrochemical group reported.

The group's purchases of hydrocarbon feedstock decreased to 3.3 million tonnes from almost 4 million tonnes.

SIBUR's sales of petrochemical products grew by 1.8% to 4.7 million tonnes in the half, from 4.6 million tonnes a year earlier, driven primarily by sales of polyethylene and polypropylene thanks to stronger demand on the domestic market, as well as growth of PVC sales after the consolidation of RusVinyl LLC, the company said.

Sales of feedstock fell 7.6% to 1.3 million tonnes from 1.4 million tonnes a year earlier, "primarily due to a decrease in sales on export markets and growth of shipments to the domestic market," SIBUR said.

It was reported earlier that SIBUR Holding's net profit to IFRS surged 350% to 145.275 billion rubles in the first half of 2024, mainly thanks to exchange rate gains.

The company reported revenue up 16% to 569.669 billion rubles in the first half. Sales of polyolefin rose 17% to 238 billion rubles and sales of plastics and elastomers grew by 11% and 26%, respectively, to 99 billion rubles and 52 billion rubles.

Operating profit rose 15% to 173.383 billion rubles. The company earned a profit of 16 billion rubles on exchange rate differences, compared to a loss of 68 billion rubles a year earlier.