Refining is favourable for Tatneft

Tatneft has made public its accounting for Q2 and H1 2014 by ISA, and has held the conference call with a discussion of the operational and financial results achieved within the period. The company’s representatives also answered the questions that were interesting for the investment community. The strong results will definitely support the issuer’s stocks.

In H1, Tatneft increased its revenue by 15.9% to 244.86 billion rubles, due to the growth in oil products yield by 21% accompanied with growth in their sales and favourable price dynamics in Russia and abroad. TANEKO produced increased light oil products that also led to the growth in revenue and profitability. Tatneft management demonstrated good control of operational expenses. Due to that, EBITDA increased by 44.2% to the record sum of 79.27 billion rubles, and net profit increased by 61.6% to 79.27 billion rubles.

Thus, the refining segment continues positive influence of the financial results of the company. TANEKO will annually process 8.5-9 million tons of oil that is much more than the announced installed capacity of 7 million tons of oil a year.