CEO says Kamaz to raise IFRS revenue 8% to 270 bln rbl in 2022

MOSCOW, Dec 17 (PRIME) -- Russian truck maker Kamaz plans to increase revenue by around 8% on the year to 270 billion rubles in 2022, as calculated under International Financial Reporting Standards (IFRS), CEO Sergei Kogogin told reporters, according to information, obtained by PRIME on Friday.

“Revenue will amount to 270 billion rubles,” he said.

In 2021, the company’s revenue will rise by 15% on the year to 250 billion rubles, according to preliminary data, and earnings before interest, taxes, depreciation, and amortization (EBITDA) will increase by 48% on the year to 19.3 billion rubles, and will be 24% more than the planned figure, he added.

Kamaz has approved the 2022 investment program of 17 billion rubles, a 41.6% rise on the year, of which 12.6 billion rubles will be sent to development of the model range, and over 1 billion rubles to scientific research, Kogogin said.

He added that the investment program will amount to 12 billion rubles in 2021.

The CEO said that Kamaz plans to increase trucks sales by 19% on to the year to 44,000 units in 2021 and by another 2.3% to 45,000 units in 2022.

Kogogin said that a new variant of the Kama light electric car, developed by a joint venture, in which Kamaz is to have 25%, in January–March 2022, and that Kamaz will ship debut hydrogen-fueled buses for testing in the city of Moscow in October–December 2022.

(73.5708 rubles – U.S. $1)

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