Metafrax doubles RAS earnings to 6.4 bln rubles in 2017
PERM. March 27 (Interfax) - PJSC Metafrax , one of Russia's largest producers of methanol and formalin, doubled net profit to Russian Accounting Standards (RAS) to 6.4 billion rubles in 2017, the company said in a report.
Sales revenue rose 10.2% to 19.5 billion rubles and gross profit went up 17%.
Exports accounted for 40.4% of sales in 2017, up from 32% in 2016.
Metafrax financial highlights ('000 rubles):
| 2017 | 2016 | |
| Revenue | 19 515 339 | 17 702 550 |
| Cost of sales | 9 278 707 | 8 954 295 |
| Gross profit | 10 236 632 | 8 748 255 |
| Operating profit | 7 635 308 | 6 317 413 |
| Pretax profit | 7 733 665 | 3 940 116 |
| Net profit | 6 392 717 | 3 107 585 |
Long-term liabilities fell from 579.1 million rubles to 573.5 million rubles during the year while short-term liabilities rose from 955.5 million rubles to 2.111 billion rubles, including 1.078 billion rubles in accounts payables, up from 874.2 million rubles. Receivables fell from 3.487 billion rubles to 3.299 billion rubles during the year.
"Last year was a good year for our company and its subsidiaries. A lot of progress was made with preparations to build the ammonia-carbamide-melamine complex, and the second stage renovation of methanol production was completed. We produced a record 1.1075 million tonnes of methanol and more hexamethylenetetramine and pentaerythritol than in previous years," the company's press office quoted CEO Vladimir Daut as saying.
Reports had said Metafrax would boost overall output 5.5% to 1.6 million tonnes in 2017. The company is targeting 1.1% growth to 1.618 million tonnes in 2018.
Investment in modernization rose to 3.9 billion rubles in 2017 from 3.6 billion rubles in 2016. More than 11 billion rubles of capex is planned for 2018.