3 Jun 2019 16:56

UVZ made 7 bln rubles in RAS net profit in 2018, revenue grew, cost of sales fell

YEKATERINBURG. June 3 (Interfax) - Uralvagonzavod (UVZ) saw its net profit grow by a factor of 11.7 in 2018, to 7.21 billion rubles, the company said in its report to Russian Accounting Standards (RAS).

Revenue rose 6.9% to 104.27 billion rubles, while cost of sales fell 1.4% to 69.585 billion. Thanks to this, gross profit rose 28.8% (by 7.75 billion rubles). Profit (from sales, before taxes, and net) rose by roughly the same amount.

The company last released an RAS report for 9M 2017. Under a government resolution of December 31, 2017, defense enterprises received permission not to disclose information about their activities, including their financial results.

In 2016, UVZ made a net profit of 1.539 billion rubles, compared with a net loss of 10 billion rubles in 2015.

Financial highlights ('000 rubles):

2018 2017
Revenue 104 273 219 97 532 777
Cost of sales 69 585 391 70 595 439
Gross profit 34 687 828 26 937 338
Profit from sales 20 196 792 13 696 313
Profit before taxes 8 390 818 1 561 384
Net profit 7 212 198 614 841

In 2018, accounts payable shrank from 54.098 to 44.9 billion rubles, while accounts receivable rose from 54.74 billion to 63.93 billion rubles.