TMH's 2024 RAS Net Profit Grows 35% to RUB 19.1 Billion as Revenue Rises 23.6%
TMH JSC (АО «ТМХ») has published its annual accounting statements for 2024 prepared under Russian Accounting Standards (RAS): net profit grew 35% to RUB 19.1 billion against RUB 14.2 billion a year earlier, revenue rose 23.6% to RUB 166.8 billion and gross profit increased 1.6 times to RUB 19.6 billion. Income from participation in other organizations more than doubled to RUB 13.1 billion. Over the year, investment in development rose 35% to RUB 28.5 billion, while group revenue under IFRS reached RUB 504.7 billion with net profit of RUB 28.1 billion.
RAS results: net profit up 35%
MOSCOW, February 11, 2025 — TMH JSC (АО «ТМХ») has disclosed its annual accounting statements for 2024 prepared under Russian Accounting Standards (RAS). The key lines of the company's report posted growth across the board. Corporate announcements and investor materials are published on the company website at https://tmholding.ru/.
For the full year 2024, the RAS statements of TMH JSC (АО «ТМХ») show the following figures:
- net profit — RUB 19.1 billion, up 35% against RUB 14.2 billion in 2023;
- revenue — RUB 166.8 billion, up 23.6%;
- cost of sales — RUB 147.2 billion, up 20.1%;
- gross profit — RUB 19.6 billion, up 1.6 times;
- income from participation in other organizations — RUB 13.1 billion, more than doubled.
Revenue growth of 23.6% outpaced the 20.1% increase in cost of sales, lifting gross profit 1.6 times to RUB 19.6 billion. A further contribution came from income from participation in other organizations, which more than doubled to RUB 13.1 billion. Together these drivers carried net profit up 35%, from RUB 14.2 billion to RUB 19.1 billion.
Disclosure of the statements
The RAS statements of TMH JSC (АО «ТМХ») are posted on the Interfax disclosure server at www.e-disclosure.ru (issuer id 4426), where the full documents are available to any interested party.
Development investment up 35% to RUB 28.5 billion
Alongside the annual results, it became known that in 2024 the company increased its investment in development by 35%, to RUB 28.5 billion. The expansion of the investment programme ran in parallel with the improvement in financial performance: the 35% increase in net profit was accompanied by a comparable rise in development spending, indicating that long-term programmes remained a priority for the company during a period of growing current profitability.
Group results under IFRS
The group's consolidated results under International Financial Reporting Standards (IFRS) also grew and stand well above the RAS figures of TMH JSC (АО «ТМХ») itself:
- group revenue — RUB 504.7 billion, up 22.6%;
- group gross profit — RUB 92.7 billion, up 1.5 times;
- group net profit — RUB 28.1 billion, up 2.7 times.
Group revenue under IFRS (RUB 504.7 billion) is roughly three times the RAS revenue of TMH JSC (АО «ТМХ») (RUB 166.8 billion), while group net profit (RUB 28.1 billion) exceeds the company's RAS result (RUB 19.1 billion) by about half again. Growth rates in the two reporting perimeters are close on the top line: revenue rose 22.6% under IFRS and 23.6% under RAS, whereas group net profit grew 2.7 times against the 35% increase under RAS.
Company information
Company: Transmashholding (TMH), joint-stock company TMH JSC (АО «ТМХ»)
Contacts: TMH (ТМХ) press service, Moscow; disclosure information on the server https://www.e-disclosure.ru/ and on the company website https://tmholding.ru/
Company website: https://tmholding.ru/
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