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Net profit of "A-Property" decreased by 31% in 2020

Net profit of "A-Property" decreased by 31% in 2020
Photo: elga.ru

At the end of last year, Albert Avdolyan's A-Property company showed a decrease in profit by 31,2%. The company has assets in the Far East, controlling PJSC YATEK, LLC Elgaugol and other companies.

According to the portal NEDRADV, now "A-Property" does not conduct production activities, but only performs the functions of a management company. At the end of 2020, the company increased its accounts payable 11 times after the purchase of the Elga coal complex. The company's revenues amounted to 48,2 billion rubles, and expenses - 35,3 billion rubles. The difference of 12,9 billion between these indicators formed all cash receipts, but after deducting taxes and administrative expenses, the net profit amounted to 7,7 billion rubles.

The total volume of accounts payable amounted to 152,2 billion rubles, which is 11 times more than in 2019. Elga coal complex was purchased for 142 billion rubles from Mechel PAO and Gazprombank.

In the future, A-Property plans to invest in 75% of the authorized capital of the port of Vera and the Ogodzhinsky coal deposit. The acquisition of the Sibanthracite company is also possible. The company also plans to develop the existing YATEK and Elgaugol.

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