PSC “TAIF” summarizes the results of 2010
April 28, 2011
Today the Annual General Meeting of PSC “TAIF” Shareholders was held to summarize the results of operation in 2010. The President of Tatarstan Republic Rustam Nurgalievich Minnikhanov took part in this meeting.
A report on the results of 2010 operation was presented by the General Director of PSC “TAIF” Mr. Albert Shigabutdinov. In his report, the General Director stressed the challenges TAIF Group had to face during the first post-crisis year that were connected, among all, with the burden of debt and interest arising from credits given by banks, growth in transport tariffs as well as heat and power tariffs.
Oil and gas refining and petrochemicals sectors are a basis for TAIF Group. And the major task in the period of crisis was to safeguard upgraded and newly built production facilities, to prevent further development of this sector from freezing, and the most important one – to retain the most qualified staff and markets. According to the results of the past year, oil refining, chemical and petrochemical companies of TAIF Group significantly surpassed pre-crisis levels in sales volumes. Revenue from this business sector in 2010 amounted to RUB 259 billion having increased almost 1.5 times against 2009.
PSC “TAIF-NK” continued upgrading its operating facilities in order to expand the volumes of raw materials processed and increase the yield of high-quality oil products and raw materials for petrochemicals. In the third and the forth quarters of 2010 the company intensified its work on the preparation to construction of a Heavy Residue Conversion Complex (HRCC), which is mainly aimed to increase crude processing depth to 98.5 per cent.
Total volume of investments made by TAIF Group in 2010 amounted to RUB 22 billion that is by RUB 9.1 billion (+71%) higher year-on-year.
The aggregate revenue of TAIF Group amounted to the highest ever value – RUB 340 billion. EBITDA exceeded RUB 54 billion. The net profit amounted to RUB 33 billion. Over RUB 33 billion of taxes and charges were allocated to all-level budgets, including RUB 9 billion – in the consolidated budget of Tatarstan Republic that is 3 times higher if compared to 2009. In charity, social affairs, support of sports, healthcare and culture, over RUB 10.3 billion was allocated, and RUB 3.4 billion - in environmental protection and ecology.
Major tasks set by the government of the republic and the shareholders to TAIF Group in the past year have been fulfilled.
Also, at the meeting, the Annual Report, annual accounting statements including Income Statement, and profit distribution according to the results of the financial year 2010 were approved and a new Board of Directors of the holding company – PSC “TAIF” – was elected. In the meeting of a newly elected Board of Directors held after the Meeting of Shareholders, the First Deputy General Director of PSC “TAIF” Sulteev Rustem Nurgasimovich was reelected as Chairman of the Board according to the proposal of the President of Tatarstan Republic.
Media office, TAIF Group
Dmitry V. Nemanov,
Head, Media office, PSC “TAIF”