11:13 - 28.11.2024

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November 28, Fineko/abc.az. High rates and rising costs led to the fact that the financial result of Russian companies (profits minus losses) in September turned out to be the worst in two years, ABC.AZ reports, referring to Rosstat’s data.

For the first 9 months of 2024, the figure reached 21.37 trillion rubles (about $189 billion).

In September, the financial result amounted to a record low 1.34 trillion rubles. The last time companies earned less was two years earlier - just under a trillion in September 2022. Until September, company profits were slightly behind last year's record (for Jan-Aug - by 5.8%), but the result for Jan-Sept was 19.1% worse than a year earlier.

The Ministry of Finance of the Russian Federation is already sounding the alarm: it notes a reduction in income tax receipts.

"As of November 20, income tax receipts decreased by 7% compared with Jan-Sept 2023, by 357 billion rubles, to be precise," said Finance Minister Anton Siluanov, admitting that this was unexpected for the government.

According to the minister, the situation is worst in the coal regions: "If you look at the subjects who have the most difficult situation with income tax, this is Kemerovo region — minus 59%, Novgorod, Murmansk, Buryatia, Jewish, Vologda and so on. The situation is clear. These are either raw coal industries, or those regions where there are export-oriented enterprises, for which exports, for one reason or another, have decreased."

Russian business is suffering from rising costs and high rates, which the Central Bank is trying to contain inflation. In surveys by the Central Bank and S&P Global, enterprises name the rapid growth of costs as one of the main problems. The acute personnel crisis (unemployment in October again updated the record — 2.3%) forces to raise salaries. In September, they were 17.8% more than in September 2023, and in real terms, the growth was 8.4%.