# Kazanorgsintez exported 15,6% of products in first half of 2021

**Kazanorgsintez’s revenue in the first half of 2021 exceeded 52,6 billion rubles**

Kazanorgsintez PJSC has published a quarterly report for the second quarter of 2021. According to the document, the revenue of Kazanorgsintez PJSC in the first half of 2021 exceeded 52,6 billion rubles, which is 21,3 billion more than for the analogous period in 2020 (to compare, revenue in 2019 was 72,4 billion rubles). Amid a deficit of polymers in the Russian market, the enterprise decided to cut supplies to foreign markets. So exports in the revenue of Kazanorgsintez PJSC reduced from 23,09 to 15,9% and totalled a bit less than 8 billion 367 million rubles.

Thanks to the growth of revenue and net profit, coefficients and financial indicators improved notably. In six months of 2021, the norm of net profit was 27,94%, which is considerably above last year’s number of 12,96%. Gross profit in January-June 2021 amounted to over 22,5 billion rubles, which is almost three times higher than the number in the first half of 2020 (7 billion 870 million rubles).

There is a rise in net working capital. For comparison, in the first half of 2020, it was a bit more than 9 billion 583 million rubles, while it reached nearly 14 billion 638 million by late June 2021. A 55,2% reduction in short-term liabilities explains it.

**Market capitalisation of KOS rises by 19 billion rubles**

Compared to last year’s numbers, the market capitalisation of Kazanorgsintez PJSC in the first half of 2021 rose from nearly 146 billion rubles to more than 165,3 billion rubles. Net income from January to June 2021 reached 14 billion 695 million against 4 billion 52 million in the first half of 2020. Income taxes paid to all budgets also more than tripled. At the same time, the enterprise had to operate amid a rise in feedstock prices. In the first half of 2021, there was a rise in prices for ethylene, ethane, propane-butane fraction, benzene, ethylene oxide compared to the first half of 2020. So feedstock’s share in the prime cost of products notably went up — from 56,5 to 64,9%.

The average number of workers of the enterprises insignificantly reduced compared to the first half of 2020 — from 8,267 to 8,248 people. At the same time, the payroll increased from 3,406 to 3,622 billion rubles in the first six months. So the average monthly salary augmented from 68,700 to 73,200 rubles per person.

“The rise in financial indicators (Editor’s note: in Russia’s petrochemical sector in general) in the first quarter of 2021 compared to the first quarter of 2020 is comparable to the growth of indicators in the first quarter of 2021 compared to the fourth quarter of 2020. We can say the sector bounced back as early as by late 2020 and started to stably grow, according to the results of the first quarter of 2021,” Vasily Tanurkov, director or ACRA (Editor’s note: Analytic Credit Rating Agency) expressed his confidence in a comment for Realnoe Vremya.