Financial result for five trillion

The financial result of Russian companies in the first quarter of 2021 increased markedly after the “coronavirus” failure of the first three months of last year, follows from the data of Rosstat. Profit before taxes (excluding small businesses, the financial sector and government agencies) increased by 3.4 times compared to January-March 2020 – to 4.99 trillion rubles. This dynamics was ensured by the effect of a low base: in March 2020, against the background of a pandemic, for the first time in five years, Rosstat recorded a balanced loss (the last time the cumulative loss exceeded profit at the height of previous crises – in December 2008, January 2009 and January 2015) … Now the companies have managed to improve their results and compared to January-March 2019 – in this comparison, the profit of Russian enterprises increased by a third.

In the sectoral context, the manufacturing industry showed impressive figures – the financial result grew immediately 27.6 times, to 1.4 trillion rubles, profit – by 74%. At the same time, the share of profitable organizations in the sector grew by only 4.8 percentage points (pp). Taking into account the low growth rates of industrial production (1.1% in March and 3.2% in February), the dynamics of profits may be associated with higher prices, and not an increase in production in the sector. Vladimir Salnikov from TsMAKP points to a positive trend in processing compared to 2019 and adds that the growth in profits in the sector is provided by an increase in world prices for raw materials – metal, cellulose and others.

In general, the share of profitable enterprises in the economy continued to grow: in January-March, 36 thousand companies made a profit of 6 trillion rubles, which is 29% more than last year. Losses were recorded by 17.7 thousand companies in the amount of 1 trillion rubles. (in 2020 there were 18.8 thousand companies with losses of 3.3 trillion rubles). Over the year, the share of profitable companies decreased slightly in the construction sector (by 2.2 percentage points) – in general, however, this sector showed an increase in net profit (by 82%). The maximum increase in profitable enterprises was observed in the trade (plus 8 pp), restaurant and hotel business (plus 7.8 pp) affected by the lockdown. The net loss in January-March 2021 was recorded in four industries: fishing, land and pipeline transport, and oil and gas production.

Diana Galieva