Net profit of Salavatstekl tripled in the first half of the year

JSC "Salavatsteklo" for two quarters of the year received a net profit of 3 billion rubles, compared to the same period last year (976.5 million), it increased more than three times, follows from the company's quarterly report. The company's revenue increased by one and a half times, from 3.7 to 5.7 billion.

Cost of sales increased slightly from 2.4 to 2.8 billion rubles. Sales profit for January-June amounted to 2 billion against 831 thousand rubles in the first half of 2020.

In the structure of the company's income, income from participation in other organizations has significantly increased. For six months of the year, they reached 1.2 billion rubles, while in January - June 2020 they amounted to 67 thousand rubles. At the same time, other income decreased from 2.27 to 1.65 billion rubles.

As RBC Ufa reported, in April Salavatsteklo acquired property belonging to the Caspian Sheet Glass Plant for 3.1 billion rubles and established a new enterprise in Dagestan.

Since 2020, the company will reconstruct production in Bashkiria. In accordance with the agreement signed within the framework of the St. Petersburg International Economic Forum, Salavatsteklo is investing 3.6 billion rubles in the project. Reconstruction will be completed in 2022.

Alexei Antonov, chief analyst of ALOR Group, in a conversation with RBC Ufa, noted that profit growth is not always a marker indicating an improvement in the company's financial condition.

“It is necessary to know the internal picture of the existing credit, including accounts receivable, obligations of the enterprise (at the time of May of this year, accounts receivable amounted to 2.7 billion rubles, accounts payable - 747 million) - if they are at high levels, then the effect of a successfully closed half-year is not such a good result, since most of the profits will be spent on operating expenses or to cover debt obligations. In general, I believe that the threefold increase in profit can be estimated in connection with two factors - the acquisition of a rather large profile enterprise, the inclusion of which in the structure of Salavatstekl inevitably adds the financial result of this asset to the result of the parent structure, "he commented.

According to Antonov, it is quite logical that the growth of financial indicators and an increase in demand for Salavatstekla products, associated with the implementation of the Housing and Urban Environment national project, entail. The expert believes that the enterprise, which after the purchase of the plant in Dagestan, occupies 22% of the domestic market, will also demonstrate upward indicators at the end of the year.

Source: RBK