Izhneftemash Increased Its Profit by 59% at 2020-End

Izhneftemash Increased Its Profit by 59% at 2020-End

Rimera Group’s Izhevsk plant, one of the top Russian oil engineering companies, drew up its balance sheet for 2020.

Izhneftemash’s net profit was 59% up from 2019 and totaled 195 million rubles. Revenues from the sale of products and services came to 3.162 million rubles.

Izhneftemash sold 42% more of pump jacks, 37% more of gearboxes and 19% more of ESP control stations compared to 2019. The export volume was 59% up from 2019: export sales made up 30% of the total 2020 revenues. Kazakhstan became the main foreign trade partner of the Izhevsk plant. The products were also shipped to Uzbekistan, Belarus, Azerbaijan, Ukraine and Serbia.

The company continued upgrading its product line to meet client needs and current market trends. Compared to 2019, revenues from the sale of innovative equipment increased by 24%.

"OPEC+ oil production cuts and the COVID pandemic greatly affected the sales of oilfield equipment & services. In this challenging environment, Izhneftemash managed to retain its market position, primarily, in the segment of artificial oil lifting equipment: pump jacks and sucker rod pumps. Key factors of the company’s stability were the production of new equipment to meet the current demand of fuel and energy companies and boosting oilfield equipment supplies to the CIS," said Izhneftemash Plant CEO Yuri Belkov.

In 2021, Izhneftemash will continue focusing on achieving its strategic goals including improvement of client experience and developing the customer service package, expanding its geography in the CIS and far abroad, boosting operation efficiency and renewing its product line to meet increasing client demands.
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