The revenue of «Metafrax Group» in 2019 exceeded 54,5 billion rubles
According to the results of 2019 the revenue of «Metafrax Group» for IFRS amounted to 54,6 billion rubles. As compared to 2018 this value decreased slightly (by 3,5 % or by 2 billion rubles). Gross profit of the Group amounted to 14,5 billion rubles.
The volume of capital investments in the fixed assets and in assets under construction amounted to 31,1 billion rubles. The main areas of the capital investments are the following: construction of the «Ammonia-Urea-Melamine Complex» - 26,8 billion rubles, construction of the carboxylic acids and aldehydes production plant at the industrial site of «Metadynea Austria» - 0,4 billion rubles, construction of four nine-story houses in Gubakha – 0,4 billion rubles; renewal of the rolling stock of tank wagons for methanol transportation – 0,3 billion rubles.
The value of the noncurrent assets of the Group increased by 40,5 % and amounted to 70,9 billion rubles as of 31.12.2019. The increase was due to the capital investments in the fixed assets and in assets under construction.
According to the Chairman of the Boards of Directors, Mr. Armen Garslyan, the Company evaluates the financial results of the year 2019 positively, linking a slight decrease in revenue with a drop in product prices in the 4th quarter:
«The Company started to prepare in time for the market changes, that took place in the second half of the year. We have carefully analyzed the situation on commodity and financial markets and were ready for the crisis phenomena. The adjusted sales strategy is focused on medium- and long-term contracts. Thank to this we were able to achieve the planned budget targets at the yearend 2019.
Currently, the Group of Companies has also implemented a package of measures to stabilize the financial and economic situation, related to the COVID-19 pandemic. The operatively adopted complex of measures gives a guarantee of stable production and economic activity. We have kept the Company teams and the production facilities operational.
Of course, the economic crisis of 2020 has affected the financial indicators. According to our analysts' forecasts, the situation will gradually stabilize by the end of the year. PJSC Metafrax is included in the list of systemic companies. This gives us not only the opportunity to receive government support, but also obliges us to remain a driver of the growth of chemical industry.
We look forward to a further balanced position of the authorities and business partners in order to overcome current difficulties with the lowest costs».