TAIF Board of Directors discusses implementation of plans in 2023
Preliminary results of TAIF Group’s activity in nine months of 2023 have been summarised at an expanded board meeting of TAIF JSC
Expected results of the first nine months of 2023 and plans for the rest of the year have been discussed at an expanded meeting of TAIF Group Board of Directors. TAIF JSC shareholders, TAIF JSC board members, managers and heads of departments of companies, directors of Group’s subsidiaries participated in it.
A report on preliminary results in nine months of 2023 read that this year as well as last year have been tough for our country and all sectors of the economy. Despite a significant rise in logistic expenses, a forced reduction in capacity utilisation, reconsideration of fiscal conditions on the fuel price regulation mechanism, the absence of a coal additive much needed for the Heavy Residues High Conversion Complex, TAIF Group has managed to avoid a notable deterioration of the economic situation.
In nine months, taxes paid to the republican budget have fallen following a fall in TAIF Group’s incomes compared to the indicators reached in 2022. However, the amount of taxes and duties (Editor’s note: around 8 billion rubles) paid by TAIF Group’s companies in the last few months this year have already surpassed the amount of Group’s payments made to the republican budget in 2021 in general, which was 7 billion rubles.
As Realnoe Vremya wrote earlier, TAIF Group’s total income in 2022 considering companies united with SIBUR Holding PJSC amounted to over 1.1 trillion rubles, of which 601 billion rubles are incomes of TAIF Group’s companies. Companies of TAIF Group transferred 46 billion rubles to all budget levels in 2022, including 15 billion to Tatarstan’s budget, which is respectively 16 and 8 billion rubles more than in 2021.
Business running conditions in 2023 cannot be called easier. Export terms are becoming complicated, logistic distances are growing, which means transportation costs are too. Both currency rate volatility and some uncertainty in international settlement mechanisms influence the price for feedstock and products. A decline in sale prices for petrochemicals has a critical impact on the results of TAIF Group’s activity this year. Compared to the same period last year, the price decline has been over 40%. Also, an increase in the motor fuel price regulation mechanism has been reduced twice since September. A decision on the temporary ban of petrochemical exports made by the government of the Russian Federation will likely significantly influence economic results, though this hasn’t yet been assessed.
Despite all these factors, TAIF Group preserves confidence thanks to a serious safety margin accumulated due to annual big investments in production development, creation and modernisation, energy and resource saving programmes, process and environmental safety, creation of comfortable working conditions and constant development of the staff, support for social and infrastructure projects and much more for 28 years.
“There is still time till the end of the year to take necessary measures and put every possible effort to achieve more significant results!” Vice Board Chairwoman of TAIF JSC in Economy and Finance Alla Yevstafyeva stressed later in a talk with journalists. And she noted that plan elaboration and approval for 2024 would soon end in all TAIF Group’s companies.
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