MOSCOW, April 2. /TASS/. Net profit of Kamaz, Russia’s leading manufacturer of heavy trucks, under International Financial Reporting Standards (IFRS) amounted to 16.9 bln rubles ($183.7 mln) in 2023, the company said in a statement.

"An increase in sales, effective use of client financing instruments, initiatives on reducing costs and improving labor efficiency led to reaching annual net profit in the amount of 16.877 bln rubles," the statement reads.

Revenue grew by 27% in the reporting period to 370.3 bln rubles ($4 bln). "An increase in sales in the segments of trucks and passengers transport (buses and electric buses) are behind substantial rates of revenue growth," the company said.

The Kamaz group of companies demonstrated positive operational cash flow in the amount of 52 bln rubles ($565.6 mln), which allows maintaining comfortable debt levels, according to the statement.

Net debt of Kamaz equaled 57.2 bln rubles ($621.6 mln) as of the end of 2023, which is 16% lower than in 2022.