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Goznak expects notable increase in profits this year

This is "due to a serious improvement in the export situation, as well as the area of digital products and services of Goznak," according to the report

ST. PETERSBURG, October 22. /TASS/. Goznak expects a notable increase in profits by the end of this year due to improvement in the export situation and development of digital products and services, the press service of the company reported.

"We consider it too early to give some specific numbers so far. Nevertheless, it is safe to project already now that profit for this year will notably exceed that for 2023," the press service said.

This is "due to a serious improvement in the export situation, as well as the area of digital products and services of Goznak," according to the report.

Director General of Goznak Arkady Trachuk said in April that the company’s profit was expected to remain at last year’s level in 2024, adding that the challenging export situation, difficulties related to sanctions and other restrictions were among the reasons curbing growth.

In 2023, net profit of Goznak amounted to 7.7 bln rubles, down by 13.5% compared with 2022.

Goznak has the annual capacity to produce up to 11,000 tons of security banknote paper, 7 bln banknotes, 3.5 bln coins, up to 40 mln passports, from 30 to 45 mln postage stamps (depending on the size and printing technology), as well as the required number of federal special and excise stamps and other products. The company's annual production volume stands at 46 bln rubles.

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