Rimera Group's Izhevsk plant (part of ChelPipe Group), one of Russia's leading oil machine building companies, has summarized its financial and production activity for the first quarter of 2020.
Net profit of Izhneftemash plant increased by 72% compared to the first quarter of 2019 and amounted to 33.8 million rubles. Revenue from sales of oilfield equipment amounted to 696.9 million rubles, which is 1.4% more than the same indicator of the previous year.
Izhneftemash increased the sales volume of drilling tongs by 2.4 times, beam-pumping units — by 2.2 times, electric submersible pump control stations — by 79%, gearboxes — by 63%, sucker-rod pumps (SRP) — by 41% as compared to January–March of the previous year. Export volume increased by 18.5% compared to the same period of 2019 — sales abroad brought 18% of total revenue for the first quarter of 2020. Kazakhstan became the main foreign trade partner of Izhneftemash plant. The products were also shipped to Uzbekistan, Azerbaijan and Bulgaria.
In 2020, the Izhevsk enterprise of Rimera Group will continue to implement the company's development strategy, which includes increasing operational efficiency, automating technological and production processes, and introducing digital technologies. Izhneftemash plans to develop its product line to meet the growing needs of its customers, strengthen its position in the CIS and non-CIS oilfield equipment markets and increase the profitability of export sales.
