Kamaz expects record financial results in 2022

“Kamaz” completes 2022 with higher financial performance than in the most successful 2021 in the history of the company. Sergey Kogogin, CEO of the automaker, told reporters about this on December 22. He did not disclose exact numbers. At the end of 2021, the company earned RUB 4.6 billion. net profit under IFRS, revenue amounted to 272 billion rubles.

In 2022, Kamaz, being under sanctions due to SVO, stopped publishing financial statements. In October, Kogogin said that the company ended the first half of the year with positive results and was successfully coping with sanctions challenges. For comparison, in the first half of 2021, Kamaz received almost 4 billion rubles. net profit with revenue of 119 billion rubles.

The business plan for 2023 provides for revenue in the amount of more than 300 billion rubles, EBITDA at the level of 24 billion rubles, net profit – 5 billion rubles, Kogogin listed. But at the end of 2022, the profit will be higher, the top manager emphasized.

The investment program for the next year is set at the level of 20 billion rubles. This year it will be approximately 15 billion rubles. Kamaz is completing the investment cycle – it remains to finance the project for the production of bridges, the rest is connected with the expansion of existing capacities, Kogogin explained.

In 2022, Kamaz will keep the production of vehicles at approximately the level of 2021. In total, it is expected to produce 43,828 trucks against 44,148 units a year earlier, the top manager said. In 2023, about 40,000 vehicles will be produced without taking into account the needs of federal customers, Kogogin added. Exports are stable and will be at the level of 4,000 vehicles per year, both in 2022 and 2023.

Next year, the company plans to return to the production of trucks of a new model range – the K4 and K5 generation – in the amount of about 10,000 vehicles, the general director of Kamaz said. In 2021, the production of such equipment was at the level of 9,957 units, and this year, due to a shortage of components associated with the departure of foreign partners, it will drop to 4,193 vehicles.

Kogogin also expects that in 2023 the market for heavy trucks weighing 14-40 tons will begin to recover. The emergence of new roads will contribute to greater efficiency of vehicles, he believes. Sales in this segment will average 65,000-68,000 cars, the top manager predicts.

Now the seller’s market, there is low competition because of the vacant niche, but there is a state order and the needs of buyers, says auto expert Vladimir Bespalov. After the start of the CBO, most of the major foreign players, such as Mercedes, Volvo, MAN, Scania and others have stopped sales in Russia. Under these conditions, despite the difficulties, the products of the company, which was able to produce cars, were in demand, he believes.

According to Bespalov, Kamaz’s forecasts for 2023 do not look unattainable, but there are still a large number of factors, such as geopolitics, that cannot be predicted.