Rimera Group’s Izhevsk plant (part of ChelPipe Group), one of the top Russian oil engineering companies, drew up its balance sheet for the nine months of 2020.
Izhneftemash’s net profit was 47% up from 9M 2019 and totaled 162.5 million rubles. Revenues from the sale of oilfield equipment came to 2.4 million rubles, which is 10% up from the previous year.
Izhneftemash sold 87% more of pump jacks, 69% more of drilling tongs, 54% more of ESP control stations and 46% more of gearboxes compared to January-September 2019. The export volume grew by 79% compared to the first nine months of 2019: export sales made up 28% of the total 9M 2020 revenues. Kazakhstan became the main foreign trade partner of the Izhevsk plant. The products were also shipped to Belarus, Uzbekistan, Azerbaijan and Serbia.
The company continued upgrading its product line to meet client needs and current market trends. Revenues from the sale of innovative equipment were 53% up from the first nine months of 2019.
"Despite the declining business activity in the oil and gas sector, we used opportunities to boost business efficiency of our clients and strengthen our own position. To be more precise, we compensated the declining domestic market demand by increasing the sales of oilfield equipment to CIS countries," said Izhneftemash plant CEO Sergey Berezin.
By the end of 2020, Izhneftemash plans to further expand its product line by adding new equipment models and modifications for well works and oil production including hydraulic suspended tongs for casing pipes.
