According to Russian Accounting Standards (RAS), RUSNANO’s Profit in the 1st Quarter of 2021 Increased 37.6 Times to RUB 6.1 bln

27 May 2021

Pursuant to the Russian Accounting Standards (RAS), RUSNANO made a net profit of RUB 6.1 bln for the first quarter of 2021. Revenue for the reporting period totaled RUB 15 bln; gross profit amounted to RUB 9.2 bln.

RUSNANO’s key RAS indicators, million rubles

Indicator

1st Quarter of 2021

1st Quarter of 2020

Revenues

14,972

946

Gross Profit

9,227

945

Net Profit

6,093

162

Proceeds from the assets of RUSNANO’s investment portfolio more than doubled to RUB 16.1 bln, compared to RUB 7.3 bln in the same period in 2020.

Positive financial results were primarily due to the coordinated work of the new team and the successful closure of several deals. Also, the financial haul for the reporting period resulted from a 39% decrease in management expenses.

“The company is currently committed to implementing a proactive investment agenda. Emphasis has shifted to increasing the asset value of the current portfolio with an exit horizon of 18-36 months and reinvesting in new and promising deep tech projects that would generally boost the company’s capitalization. Moreover, improving efficiency and optimizing costs is paramount to us. Meanwhile, we will definitely keep the educational projects in the company, spending money on advanced training of our employees, i.e., investing in people,” stated Maxim Sakharov, Deputy Chairman of the Executive Board for Economics and Finance, RUSNANO Management Company LLC.

Additional information

Reference

The RUSNANO Group includes the RUSNANO Joint Stock Company, the RUSNANO Management Company and the Fund for Infrastructure and Educational Programs. Thanks to RUSNANO’s investments, there are currently 138 factories and R&D Centers opened in 37 regions in Russia.