KAMAZ (Part of Rotec) summed up the financial results of 2018 under IFRS

KAMAZ (Part of Rotec) summed up the financial results of 2018 under IFRS
KAMAZ (Part of Rotec) summed up the financial results of 2018 under IFRS. Image source: Rostec.ru

KAMAZ PTC (part of Rostec) fulfilled the financial indicators of the business plan for 2018: the consolidated revenue of the group of organizations increased by 19% compared to 2017 and amounted to almost 187 billion rubles.

38 382 trucks were sold in domestic and foreign markets (for the same period last year, SPLY – 38 192 units). During the reporting year, net profit was received in the amount of 1 billion 588 million rubles (SPLY – 3 billion 455 million rubles).

“Despite the difficult situation in the heavy truck market in 2018, we have fulfilled the main financial and economic goals, – commented Deputy Director General of KAMAZ – Financial Director Andrey Maksimov. – Our profit reached the target set by the business plan of almost 1.6 billion rubles. Its decrease in comparison with 2017 was planned and is associated with the implementation of a major investment project “Development of the model range of KAMAZ vehicles and modernization of capacities for its production”. Also, a lot of money was spent on preparation for the market launch of a new generation of K5 cars.” Maximov said that the implementation of this purpose built new factory of the frames of the booths, started production of a new family of inline engines R6, carried out re-engineering of the main production sites of the company. In addition, the company’s costs were associated with the development of the KAMAZ-6282 electric bus production by order of Mosgortrans. The model has become one of the most high-tech products not only in the range of the company’s products, but also among the world’s models of vehicles of this kind.

As a result, KAMAZ has maintained a high level of investment: 15 billion rubles (SPLY – 14 billion rubles) were spent in the reporting year.

Despite the stagnation in the construction sector and the completion of major infrastructure projects, the company managed to retain a share in the Russian market of trucks with a gross weight of over 14 tons (vehicle registration data) at 41% by the end of 2018 and enter the new market of electric passenger transport.