Russian integrated petrochemical producer SIBUR reported a net profit of RUB134 billion ($1.7 billion) for the third quarter of 2020, rising by 17% from the prior quarter and 4% from the third quarter of 2019, thanks to more robust sales volumes in its Olefins & Polyolefins segment. EBITDA surged 32% quarter-on-quarter and 20% year-on-year in July-September, driven by the ramp-up of ZapSib which reached its nameplate capacity utilisation levels ahead of schedule. The EBITDA gain was also attributed to the recovery of prices across key products and cost-cutting measures. Operating net cash flow stood at RUB54 billion ($687.1 million) for the third quarter, representing a 46% quarter-on-quarter and 63% year-on-year surges.
For the January-September period of 2020, revenue was down 6.6% year-on-year to RUB369 billion ($4.7 billion). This is despite a 65.9% year-on-year increase in revenue of SIBUR’s Olefins & Polyolefins which stood at RUB 129.3 billion ($1.6 billion) in the period. Revenue from the Plastics, Elastomers, & Intermediates segment fell 30.8% in the first nine months to RUB112.5 billion ($1.4 billion). EBITDA in January-September, slipped by 3.3% year-on-year to RUB122 billion ($1.5 billion) due to the negative pricing environment.
