Transneft, the world's largest oil pipeline company, has published condensed consolidated financial results under IFRS for Q3 and 9M 2021 in the For Investors and Shareholders section of its official website.
During 9 months of 2021, Transneft continued to gradually recover the volumes of oil and petroleum products transported via its system, and as a result, to improve the key financial indicators of the Company after the global market turmoil caused by the COVID-19 outbreak. In Q3 2021, the average daily volumes of transported crude oil increased by 1.1% compared to the volumes of Q2 2021, and by 6.1% compared to the volumes of Q1 2021.
Due to the oil production cuts, which have been in effect in Russia since the beginning of May 2020, for 9M 2021, the oil transportation volumes remain below the same indicators’ level of previous year by 1%. Petroleum products transportation decreased by 1%.
Oil transportation in Q3 2021 grew by 8.9 MMT, or 8% y-o-y. Petroleum products transportation grew by 0.3 MMT, or 3%.
Transneft Group’s adjusted revenue (except for revenue from export sales of crude oil) in Q3 2021 grew by RUB 32.0 bn, or 17%, and amounted to RUB 220 bn. This growth is mainly registered in key activities, such as transportation of crude oil and petroleum products (RUB 24.0 bn); stevedoring services, additional port services, and fleet services (RUB 2.0 bn).
In Q3 2021, EBITDA grew by RUB 23.9 bn, or 26%, up to RUB 116.5 bn.
Profit due to the Transneft shareholders in Q3 2021, amounted to RUB 47.1 billion, demonstrating an increase of RUB 9.0 billion or 23% y-o-y.
Total debt as of 30 September 2021 was RUB 541.8 bn or 16% lower y-o-y. The reduction in the principal debt of Transneft was mainly due to the planned redemption of exchange-traded bonds and bank loans.
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 nine months ending 30 September 2021, see here and here.