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.