The volume of transportation to the domestic market in 1H2019 amounted to 8.2mn tons of oil (+ 7% yoy) or 37% of KTO volumes. Export deliveries account for about 41% and transit volume - 22%.
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Рис 1. Операционные результаты |
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|
Показатель |
ед. изм. |
1П2016 |
1П2017 |
1П2018 |
1П2019 |
|
Объем - конс. |
тыс. тонн |
28 278 |
28 924 |
27 992 |
27 603 |
|
изменение, г/г |
% |
-10.0% |
2.3% |
-3.2% |
-1.4% |
|
Объем - отдельно |
тыс. тонн |
21 923 |
22 732 |
22 427 |
22 198 |
|
изменение, г/г |
% |
-10.0% |
3.7% |
-1.3% |
-1.0% |
|
Грузооборот - конс. |
тонн*км |
21 684 |
23 098 |
22 843 |
22 898 |
|
изменение, г/г |
% |
-5.0% |
6.5% |
-1.1% |
0.2% |
|
Грузооборот - отдельно |
тонн*км |
17 836 |
18 958 |
18 816 |
18 871 |
|
изменение, г/г |
% |
-3.0% |
6.3% |
-0.7% |
0.3% |
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Источник: данные Компании, расчеты HF |
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The stagnant dynamics of freight turnover does not introduce strong deviations in our annual forecast, and we consider it justifiable to reduce the volume of transportation, taking into account the reduction of oil production in Kazakhstan by 1.5% yoy in 1H2019. We expect predictable financial results during 2019 in view of the clearer component of the tariffs. At the same time, we note the increased uncertainty regarding tariffs for future periods and put the recommendation on KTO shares under review.
