The Group of Companies Metafrax Summarized The Work Results For The First Half Of 2017

At a time of gross profit growth, the group's investments increased by 90%. Consolidated revenue of the group for the year is forecasted at the level of 41,700 million rubles.

The revenue of the “Metafrax” Group for 6 months of 2017 was more than 21,617 million rubles, which is higher by 93 million rubles for the same period in 2016 or by 0.4%.

Gross profit amounted to 7,941 million rubles, with an increase of 609 million rubles or by 8.3% compared to the first half of 2016.

In January-June, the volume of investments in fixed assets and not finished construction of the Group amounted to 2,988 million rubles, which is by 1,418 million rubles or 90% higher than in the same period last year.

The main investment object of PJSC "Metafrax" in January-June 2017 was the construction of a complex for the production of ammonia-urea-melamine in Gubakha on the industrial site of PJSC "Metafrax", for which more than 1.8 billion rubles were allocated. About 460 million rubles the company invested in the renewal of the rolling stock of methanol tanks. To build a new plant for the production of formalin on the industrial site of OOO “Metadynea” in Orekhovo-Zuevo there were about 180 million rubles invested.

The forecasted volume of capital investments of the group for the second half of 2017 is estimated as 10.5 billion rubles.

The value of the non-current assets of the Group as of June 30, 2017 was 27,039 million rubles, which is higher by 5,356 million rubles as of the beginning of the year or by 24.7%. The increase was due to capital investments and advances for the purchase of fixed assets.

Armen Garslyan, Chairman of the Board of Directors of PJSC “Metafrax”:
- We think that the growth of gross profit is caused primarily by a favorable price conjuncture in the export markets of methanol. The export contract price for methanol grew throughout the first half of the year and increased significantly in the second quarter compared to the same period last year. Following the results of 2017, we expect the Group's revenues to remain at the level of 2016 - according to our calculations; the consolidated revenue of the Group in accordance with IFRS for 2017 will be about 41,700 million rubles.
The Group of companies will continue to increase the volume of capital investments approved by the Program of Technical Re-equipment, Reconstruction and Development until 2020.