Russia includes Kizlyar Brandy Factory in 2024-2026 privatization program

MAKHACHKALA. April 26 (Interfax) - The Russian government has included the Kizlyar Brandy Factory (KKZ) in Dagestan in the privatization plan for 2024-2026, the government's website reported.

Prime Minister Mikhail Mishustin signed an order on Thursday to add KKZ to the "Beverage Production subsection of the list of federally owned joint-stock companies, shares of which are planned for privatization in 2024-2026."

KKZ increased production by 16% to 10.32 million liters in 2023 and boosted sales by 19% to 10.48 million liters. The company's net profit grew by 35.7% to a record 770.655 million rubles in 2023 on revenue up 27.2% to 5.032 billion rubles.

KKZ plans to maintain these results in 2024 and sell at least 11 million liters of bottled product.

The distillery was founded in 1885. State unitary enterprise KKZ was reorganized in February 2018 into a joint-stock company, 100% of shares in which are owned by the federal government.