TAIF JSC reduces debt burden by 5bn rub in 2020

The parent company of TAIF Group presented its annual financial statements for 2020

TAIF JSC reduces debt burden by 5bn rub in 2020
Photo: Roman Khasaev

The global economic crisis, aggravated by the worldwide epidemic of the new coronavirus infection COVID-19, quarantine measures taken by the leadership of almost all states, forced self-isolation and suspension of production, including in Russia, a decrease in consumption and, as a result, production — all this led to a fairly sharp drop in the economy. The companies and entire states, summing up the results of 2020, are forced to state: the losses are estimated in trillions of dollars. Read about the financial results the parent company of TAIF Group in the past year — in the material of Realnoe Vremya.

637 billion rubles of revenue

According to the accounting statements of TAIF JSC by Russian Accounting Standards, published on the state information resource, in the pandemic year, the company's revenue decreased by 35%, or by 56 billion rubles, and amounted to 104 billion by the end of 2020 (against 160 billion in 2019).

Assets decreased by 2,9 billion rubles, while the amount of borrowed funds decreased by 5bn rub

By the results of 2019, the assets amounted to almost 100,2 billion rubles, by the results of 2020, they decreased to 97,3 billion rubles. The main part of them (80%) is financial investments. TAIF JSC reduced the debt on borrowed funds in the amount of 5 billion rubles. Their share in the balance sheet structure decreased from the previous 12% to 7,4%.

By Arseny Favstritsky
Reference

TAIF JSC is the parent company of TAIF Group. TAIF JSC was founded in August 1995 on the basis of the foreign trade research and production association Kazan (founded in 1990).

TAIF Group is the largest non-public private industrial and investment company in the Russian Federation.

TAIF Group unites TAIF JSC and 28 subsidiaries, which are closely linked by management, finance, and technology. The Group operates in many areas, the key of which are: oil and gas processing, chemistry and petrochemistry, power engineering, investment activities and filling station services. The total staff number of TAIF Group is 37,500 people.

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