TAIF PSC summarizes 2011 results
June 27, 2012
Today the Annual General Meeting of TAIF PSC’s Shareholders was held, where the results of the company’s operation in 2011 were summarized. The President of the Republic of Tatarstan Rustam Nurgalievich Minnikhanov took part in the meeting.
A report on the operational results achieved in 2011 was presented by the General Director, TAIF PSC, Albert Shigabutdinov. In his speech the General Director stated that the past year was the most difficult one, however, at the same time, the most successful one for TAIF Group. Notwithstanding the difficulties faced in the last year, the companies of TAIF Group achieved the best operational and financial-and-economic performance ever recorded during the period of TAIF Group’s existence.
TAIF Group’s aggregate revenue in 2011 amounted to RUB 433.5 billion, EBITDA exceeded RUB 67.3 billion and total net profit achieved a record level of RUB42.5 billion. Aggregate taxes and charges paid by TAIF Group in the reporting year to all-level budgets exceeded RUB 56.5 billion including RUB 14.4 to the consolidated budget of the Republic of Tatarstan. RUB 8.6 was allocated to charity, social sphere, support of sports, healthcare, environmental protection and culture, about RUB 4 billion – environmental protection measures, and over RUB 5 billion – to labor protection and industrial safety. TAIF Group’s overall investments in the social sphere of the Republic of Tatarstan including tax payments amounted to over RUB 32 billion. Such significant achievements is a result of a long-term and thorough cooperation of TAIF Group’s enterprises multiplied by a colossal, on the scale of Russia, volume of investments: from 1995 to 2011, over RUB 260 billion was invested in the development of TAIF Group’s companies.
In the reporting year, the major focus was put also on implementation of projects in TAIF PSC’s oil, gas and chemical sector, the work was continued on achievement of the designed capacities of newly-built plants and the existing production facilities revamped. Out of RUB 19.5 billion invested in fixed assets in 2011, the major part – RUB 17.0 billion - were used for implementation of priority investment projects in the sphere of oil and gas processing, petrochemicals and energy. The reporting year was of strategic significance for TAIF-NK PSC, which is a key element of TAIF Group’s oil and gas processing sector and a basis of the petrochemical sector of the Republic of Tatarstan: a final configuration of the planned Heavy Residue Conversion Complex was defined and a Veba Combi Cracking (VCC) process-based technology was selected. Employment of this technology will enable TAIF-NK PSC to ensure at least 95% conversion depth of Tatarstan crude in terms of the yield of light oil products.
The main tasks set for TAIF Group by the government of the Republic and the shareholders in the past year are fulfilled.
Also, the Annual Report, annual accounting statements, including the Income Statement, and Profit Appropriation Statement for a financial year 2011 were approved at the meeting, and a new Board of Directors of the holding company – TAIF PSC – was elected. At the meeting of the new Board of Directors held after the shareholder’s meeting Rustem Nurgasimovich Sulteev, First Deputy General Director, TAIF PSC was re-elected as its Chairman following the proposal of the President of the Republic of Tatarstan.
Media Office, TAIF Group
For additional info please refer to:
Dmitry V. Nemanov,
Head, Media Office, TAIF PSC