22 Aug 2023 14:04

Financial position of Kamaz has never been better, plans to double revenues by 2030 - CMO

MOSCOW. Aug 22 (Interfax) - The financial position of Kamaz , which does not disclose IFRS financial statements, is setting records in terms of key indicators, Marketing Director Ashot Harutyunyan said at the plenary session of the IMAF-2023 Moscow International Automotive Industry Forum on Tuesday .

"The financial condition of the company is now record-breaking. We have never felt so good. All indicators, financial revenue, EBITDA, debt-to-EBITDA ratio, simply beat all records," he said.

At the beginning of the year, the company held a strategy session where key avenues for development were identified, the marketing director said.

"We see a planning horizon up to 2030. Even the most conservative scenario has a plan to double revenue. This is just in our traditional segments," Harutyunyan added.

The traditional segments of Kamaz are heavy trucks with a gross weight of 14-40 tonnes. In addition to tractor trucks, the company produces dump trucks and special equipment in various modifications. Kamaz will also continue the business it is doing with Moscow as the main supplier of electric buses.

Kamaz did not publish IFRS statements for 2022 and for the first half of 2023. At the end of last year, the company's CEO Sergei Kogogin told reporters that the automaker expects a record net profit. "I think that in terms of financial indicators, we will end this [2022] year much better than the most successful year in history, 2021," Kogogin said. The company's net profit for 2022 is expected to exceed 5 billion rubles, its press service said. At the end of February 2023, Kogogin reported that RAS 2022 revenue increased 7%, to 267.3 billion rubles. Data on profit or loss under RAS were not disclosed.