Revenues of Russian companies in the first half of 2023 fell by half – Kommersant

For the first half of 2023, the income of Russian companies amounted to 342 trillion rubles. This is two times less than for the same period in 2022, they report “News” Federal Tax Service data. At the same time, profit increased by 31%, to 18.1 trillion rubles.

The company income indicator is calculated by the Federal Tax Service based on corporate income tax returns for the indicators “sales income” and “non-operating income” without taking into account all types of expenses. As the newspaper notes, company reports for nine months confirm the trend of declining income. Gazprom’s revenue decreased by 36%, Rosneft – by 8%, Lukoil – by 12%, Uralkali – by 26%, Acron – by 34%, Inter RAO – by 43%, NOVATEK – by 9%, PhosAgro – by 28%. At Rusal, revenue for the first half of the year decreased by 16.9%, at X5 Group it increased by 17.3%.

Experts interviewed by Izvestia suggested that the reason for the reduction in income could be a drop in receipts of funds from oil and gas organizations, as well as a high base in 2022 – then the revenue of Russian companies for 12 months exceeded 1 quadrillion rubles. In 2021, the figure was at the level of 655 trillion rubles. On the website of the Federal Tax Service, according to the statistics of the first quarter, it was noted that the dynamics are due to changes in legislation on the recognition of exchange rate differences (they are taken into account as part of non-operating expenses).

In October 2023, the federal budget closed with a surplus for the third month in a row. The accumulated deficit over the ten months fell to 0.7% of GDP, or 1.235 trillion rubles. The improvement in the balance was largely due to the October growth in oil and gas revenues.

Read more about the increase in revenues in the Kommersant article. “The budget makes up for the deficit”.

Leonid Uvarchev