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TMH returned to profitability in 2023

28 March 2024
Reading time ~ 2 min
Production of the EGE2Tv Ivolga EMU at TMH's site in Tver
Production of the EGE2Tv Ivolga EMU at TMH's site in Tver. Source: Aleksey Stolchnev/ROLLINGSTOCK
Belov Sergey, Editor-in-Chief, ROLLINGSTOCK Agency
Reading time ~ 2 min
Savenkova Ekaterina, Editorial Contributor to International Projects of ROLLINGSTOCK Agency

Russia: Last year, TMH made a record net profit of RUB 10.5 bln ($123 mln), according to IFRS statements. A year earlier, the company – for the first time since 2015 – posted losses of RUB 4.6 bln ($66 mln).

TMH has announced that its consolidated revenue for 2023 totalled RUB 412 bln ($4.8 bln). With 2022 revenue of RUB 314.7 bln ($4.6 bln), this represents a year-on-year growth of 31% (4.4%). It is worth noting that TMH made top 6 in the global market in 2022, according to ROLLINGSTOCK estimates.

Last year, cost of sales reached RUB 351 bln ($4.1 bln) compared to RUB 272 bln ($4.0 bln) in 2022, which means a 29% (2.5%) year-on-year growth. The cost of raw materials and semi-finished products amounted to RUB 259 bln ($3 bln) in 2023, or +30% (+3%).

TMH financial results 2019-2023 (enlarge)

Sales of metro trains showed exceptional growth of +79% (+44%) from RUB 29 bln ($423 mln) to RUB 52 bln ($611 mln). This was driven by two major contracts: one for Baltiets trains for St. Petersburg and another for new-generation Moscow trains for the Russian capital.

Sales of locomotives rose to RUB 107 bln ($1.3 bln), or +30% (+8%). In the segment of passenger and freight cars, MUs, track machines, sales growth was also significant at +30% (+7%) to RUB 128 bln ($1.5 bln). Overall, all of TMH’s main sites showed significant production and sales growth in 2023.

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