The publication of "Oil Resource"'s strong financial statements and the issue of the company's new bonds arouse the interest of Russian investors. How is the "Oil Resource" business organized as part of the multidisciplinary group of companies "Kirillitsa", and how is it possible to ensure the growth of its financial and commodity indicators?

Expert: Igor Korenev, Financial Director of the "Kirillitsa" Group of Companies

Today, "Oil Resource", as part of the "Kirillitsa" Group of Companies, aims to build a multiservice structure. In addition to oil trading, the entire group of companies focuses on the development of various assets. Thus, the Group of Companies includes a grain supplier, logistics and IT companies, and a media holding.

The revenue of the entire group under the IFRS increased from 10 to 22 billion rubles in 2024, gross profit from 700 million to 1.6 billion; EBITDA from 300 million to 1 billion. According to the results of the first six months of 2025, according to the IFRS, "Oil Resource" noted revenue growth from 11 billion to 20 billion, net profit amounted to 890 million rubles. The assets that are currently part of the group are estimated at about 13.3 billion rubles. 

The time for modernization and expansion of the GC oil business

"Oil Resource" is a key business for the group, generating the main income. A long way has been covered in 10 years – if in 2014 the company shipped 3,000 tons of oil and petroleum products, then in 2024 it has already shipped over 520,000 tons. 

In addition to the wholesale of petroleum products, the company is developing a logistics area: we have our own vehicle fleet, a railway train that is used to transport products. Earlier this year, two oil loading terminals were acquired which will allow transshipment of oil and petroleum products up to 1 million tons per year. According to the group's financial model, the terminals will start making profits from the end of August 2025. 

The business started with oil trading but is actively moving towards an oilfield service model. Today, the company cooperates with "Skoltech", the Institute of Geology and Petroleum Technologies of Kazan Federal University, and develops innovative solutions in the field of hard-to-recover oil. Moreover, a scientific and technological center is being formed in the contour of the group which will be engaged, in particular, in pilot tests of multifluid thermal technology for oil production in the Bazhenov Formation. Patents for these technologies belong to the parent company "Kirillitsa" and are among the intangible assets. We are also planning to purchase deposits of traditional hydrocarbons. 

How have you managed to achieve revenue and profit growth? 

One of the key factors in the growth of business volumes in 2024-25 was the issue of bonds for 1 billion rubles carried out in April-May 2024. This issue was fully aimed at increasing the working capital which increased by about two times. The loan allowed for a significant increase in inventory and turnover. The second source of profit growth was working with the customer pool. The company followed two paths here. The first was an increase in turnover with existing counterparties. The second is to attract new customers. From April 2024 to August 2025, the customer pool increased by 40%. Today, "Oil Resource" partners include construction companies, airlines, agricultural producers, and traders. The company actively works with both vertically integrated oil companies and smaller refineries.

The "Oil Resource" has started working with refineries in two directions at once: it buys finished oil products from refineries through direct contracts or the SPIMEX selling them to further consumers. At the same time, the company is also a supplier of raw materials for the refineries themselves profiting from them. 

That is why we are looking at acquiring our field, and that is why we have acquired two oil terminals that will allow us to handle the transshipment of raw materials. Moreover, we have "Oil Resource Processing" in the group which compounds crude oil according to the specifications and makes sales at refineries more profitable. 

Long-term trusting relationships with long-standing partners have become a factor in the company's growth. Suppliers are willing to accept delays for the company. At the end of 2024, a number of large long-term contracts for the supply of oil and petroleum products were signed. The conditions were quite favorable for "Oil Resource". The company tries to take advantage of the volatility and make the most of the market dynamics. The company has the financial resources to do this. By purchasing significant volumes at minimal prices at the very beginning of the year, we sold them during the first quarter in a growing market, receiving a significant increase in profits and 11-12% profitability.

Obligations to investors are repaid through cash flow  

According to our initial forecasts, in 2025 the group of company revenue will amount to 29 billion rubles in accordance with the IFRS, and EBITDA - 3.2 billion rubles. We can already see that this forecast will be exceeded.

Repayment of interest on bond issues is planned at the expense of the current cash flow which remains more than comfortable for repayment of obligations to investors. Thus, in the first half of the year, the profit from sales amounted to 1.9 billion, interest on bonds – 537 million, that is, the profit is almost 4 times higher than the interest payable on bonds. For all current GC bond issues, the debt burden is about 1.2 billion rubles per year. 

The company is not going to rest on its laurels, directing efforts and funds not only to expand its market share but also to improve business processes and corporate governance. This was also noted by the NRA agency, raising the credit ratings of both the entire "Kirillitsa" Group of Companies and "Oil Resource" to "BBB-|ru|" with the stable forecast.