Transneft, the world's largest oil pipeline company, has published condensed consolidated financial results under IFRS for Q2 and 1H 2021 (unaudited) in the For Investors and Shareholders section of its official website.
Volumes of oil and petroleum products transportation and, subsequently, the Company’s key financial performance indicators, continued to recover in 1H 2021 after the global market disturbance caused by the COVID-19 pandemic. The average daily volume of transported crude oil grew by 3.8% in the first six months of 2021 as compared to 2H 2020. In Q2 2021, the average daily volume grew by 4.9% q-o-q.
At the same time, the Russian oil production limitations effective since early May 2020 have kept the oil transportation volume in 1H 2021 at a lower level y-o-y. Petroleum products transportation went down by 3%.
Transneft Group’s key indicators for Q2 2021 are shown below:
Oil transportation in Q2 2021 grew by 3.0 MMT, or 3% y-o-y. Petroleum products transportation grew by 0.5 MMT, or 5%.
Transneft Group’s adjusted revenue (except for revenue from export sales of commercial oil) in Q2 2021 grew by RUB 17.9 bln, or 9%. This growth is mainly due to key activities, such as transportation of crude oil and petroleum products (RUB 11.2 bln); stevedoring services, additional port services and fleet services (RUB 1.7 bln).
EBITDA grew by RUB 7.4 bln, or 6%, profit attributable to Transneft shareholders grew by 3.6 times, up to RUB 55.2 bln, as compared to Q2 2020.
Total debt as of 30.06.2021 was RUB 543.4 billion, or 15% lower than the same indicator as of 30.06.2020. The reduction in the principal debt of Transneft was mainly due to the planned redemption of exchange-traded bonds and bank loans.
The Company’s Annual General Shareholders Meeting held in June 2021 resolved to allocate more than 50% of the 2020 consolidated net profit under IFRS (non-normalized) for 2020 for dividend payments (RUB 66.9 bln in total). Dividends were paid in July--August 2021.
For detailed analysis of the Group’s financial standing and performance as well as its condensed consolidated interim financial statements in accordance with IFRS for six months ending 30 June 2021, see here and here.