Rimera Group’s Izhevsk plant (part of ChelPipe Group), one of the top Russian oil engineering companies, drew up its balance sheet for the first six months of 2020.
Izhneftemash’s net profit was 2.4 times up from 1H 2019 and totalled 124 million roubles. Revenues from the sale of oilfield equipment came to 1.668 billion roubles, which is 19% up from the previous year.
Izhneftemash sold 2.5 times more of pump jacks, 1.9 times more of ESP control stations, 1.8 times more of mud pumps, 1.6 times more of drilling tongs, and 1.3 times more of sucker rod pumps (SRP) compared to January-June of last year. Export volume grew 2.5 times compared to the first six months of 2019 — export sales made up 31% of the total 1H 2020 revenues. Kazakhstan became the main foreign trade partner of the Izhevsk plant. The products were also shipped to Belarus, Uzbekistan, Azerbaijan and Serbia.
Such high financial figures could be achieved largely due to the sale of custom-made novel equipment. Revenues from the sale of innovative equipment was 95% up from the first six months of 2019, or 117% up including upgraded batch-produced equipment.
To make the company’s management team stronger with top class professionals, Mr. Rinat Mazitov who has long-standing experience in management positions at top oilfield service companies was appointed the Executive Director of Izhneftemash. Before joining Izhneftemash, Mr. Mazitov held key posts at Schlumberger and was the General Director at Petro Welt Technologies.
In the second half of 2020, Izhneftemash plans to expand its presence in the CIS market which is expected to have increasing sales of sucker rod pumps, pump jacks and special well workover and cementing equipment.
