KAMAZ exports up by 11% at the end of the first quarter

KAMAZ exports up by 11% at the end of the first quarter

RNS – Truck manufacturer KAMAZ has exported 1130 vehicles during the first quarter of 2017, which is equivalent to an 11.3% growth, as stated in the company report. The company has exported 941 trucks and 193 vehicle kits.

While exports to CIS countries grew by 28.9% to 544 units, a 1.7% shrinkage was observed in non-CIS exports, with 590 vehicles. There was an opposite trend in 2016: CIS exports fell by 40% and non-CIS increased by 126%.

Cuba has become the main export market amongst the non-CIS countries for KAMAZ during the first quarter. 553 trucks have been delivered to Cuba, within the frame of a major contract signed in 2016. KAMAZ had signed a contract for the supply of 2400 trucks to Cuba in November 2016. The Russian manufacturer also exports vehicles to Angola, Liberia, Guinea, Algeria, Serbia, Lithuania and Mongolia. 

More contracts are in process of formulation as to the supply of KAMAZ trucks to a number of countries in Africa and the Middle East and works continue to enter the Iranian market, as stated by the company.

The revenue of KAMAZ has risen by 53.7% year-on-year according to Russian Accounting Standards (RAS) within the January-March period to 26.385 billion rubles and the net profit has amounted to 34.4 million rubles. 

KAMAZ plans to increase exports by 4.8% in 2017 to 6500 units, as told by the company general director Sergei Kogogin.