MOSCOW, August 7. /TASS/. The net profit of the Rostec state corporation amounted to 39 billion rubles ($405 mln) in 2022, which is four times less than in 2021, the corporation's CEO Sergey Chemezov said at a meeting with Russian President Vladimir Putin.
"By the end of 2022, we had already reached a figure [in revenue] of 2 trillion, 116 billion [rubles] ($21.9 bln), a 2.5% increase from 2021. But, unfortunately, our net profit has significantly decreased and amounted to only 39 billion rubles ($405 mln). In 2021, it was 163 billion ($1.7 bln)," he said.
Chemezov noted that such results can mainly be attributed to the government contracts that are in place, where "profitability is zero, and sometimes even negative."
"We cover the losses that we incur with civilian products, which we already have today, fortunately, and we can at least somehow boost the financial side in order to be in the black," he said.
Rostec invested heavily in itself in 2022, to the tune of almost 300 billion rubles ($3.1 bln), up 20.6% from last year. "Basically, this was aimed at expanding production, at modernizing equipment and, above all, of course, expanding the production of military products. All this is connected with the special military operation," the head of Rostec added.