Uralmashplant closed the year with profit
Published date: 01 Apr 2021
In 2020 "Uralmashplant" JSC (part of the UZTM-KARTEX Group), the largest manufacturer of mining equipment, equipment for metallurgy and the nuclear industry, reached growth of all key financial indicators and for the first time during the last 14 years gained a net profit.
According to the consolidated financial statements for 2020 under International Financial Reporting Standards (IFRS), the revenue of Uralmashplant and its subsidiaries amounted to RUB 13.9 billion that is 24% higher compared to 2019. EBITDA increased by 84% to RUB 1.5 billion compared to 2019. Net profit amounted to RUB 243 million and according to Russian Accounting Standards, the net profit indicator is also in the positive zone (RUB 23 million).
"Reaching the break-even point is a landmark for the company. The financial success of Uralmashplant is the result of systematic, intense and well-coordinated work of the entire team of UZTM-KARTEX Group on implementation of a comprehensive program for the plant improvement, launched in 2015. The implementation of this program has provided a stable growth in sales and production volumes, combined with a reduction in production costs and an increase in product quality owing to upgrading production facilities and the introduction of new technologies," says Dmitry Vasilkov, Deputy General Director for Economics and Finance of UZTM-KARTEX Managing Company LLC.
In 2020 the enterprise sold 74 units of equipment, including 34 units of crushing and grinding equipment, 8 mining shovels, and 32 overhead cranes. Annual commercial output increased by 51 % compared to 2019.
In 2021 Uralmashplant continues to implement plan of company development, including further improvement of production facilities efficiency, strengthening of design service, development of new equipment models and boosting of sales, including those to foreign markets.