MOSCOW (Reuters) – Russian conglomerate AFK Sistema on Monday reported a 15.8% jump in annual net profit to 19.4 billion roubles ($237.7 million) in what it said were strong results despite “unprecedented challenges” during the year.
The company, which has stakes in Russian companies ranging from pharmaceuticals to telecoms, said revenue in 2022 rose 18% to 912.7 billion roubles.
“We encountered new unprecedented challenges and major transformational changes,” Sistema President Tagir Sitdekov said in a statement, adding that the company still managed to grow its businesses in highly volatile markets.
Sistema said its capital expenditure in 2022 totalled 158.6 billion roubles.
Sistema said the consolidation of real estate firm Etalon Group’s results into Sistema’s overall results since May 2022 helped lift profit last year. In May 2022, Sistema acquired an additional 23.2% stake in Etalon, having already held a 25.6% stake.
($1 = 81.6500 roubles)
(Reporting by Reuters; Editing by Susan Fenton)