Artgen Biotech (ticker: ABIO), a biotech company with a portfolio of innovative medicines and treatment methods for more effective control of human diseases, has published its performance for 6 months of 2024 in accordance with Russian Accounting Standards (RAS).
A detailed analysis of the Group's consolidated financial indicators and the results of product development will be presented upon the disclosure of consolidated IFRS financial statements for 6 months of 2024.
Although the separate RAS statements do not provide a full financial overview of the Group's consolidated revenue and profit, we would like to draw attention to some of its indicators.
Income from shareholdings for the first half of 2024 amounted to RUB 156.62 million, which exeeds that of the same period of 2023 by 2.3 times. As a result, the net profit under RAS increased from RUB 29.60 million to RUB 113.20 million in the first half of 2024.
Performance overview
Key P&L statement indicators for 6 months of 2024
RUB thousand |
January to June 2024 |
January to June 2023 |
change, % |
Revenue |
64 322 |
32 800 |
96,1% |
Cost of sales |
(28 127) |
(24 439) |
15,1% |
Gross profit (loss) |
36 195 |
8 361 |
332,9% |
Business expenses |
(8 333) |
(6 715) |
24,1% |
Administrative expenses |
(48 639) |
(36 247) |
34,2% |
Profit (loss) from sales |
(20 777) |
(34 601) |
-40,0% |
Income from shareholdings |
156 621 |
66 587 |
135,2% |
Interest receivable |
30 853 |
24 314 |
26,9% |
Interest payable |
(17 787) |
(32 175) |
-44,7% |
Other net income (expenses) |
(37 998) |
(2 763) |
1275,2% |
Net profit (loss) |
113 204 |
29 596 |
282,5% |
Net profit, % |
176,00% |
90,23% |
- |
Key balance sheet indicators for 6 months of 2024
in RUB thousand |
June 30, 2024 |
December 31, 2023 |
change, % |
ASSETS |
|||
Financial investments |
5 617 659 |
5 035 093 |
11,6% |
Total non-current assets |
5 780 689 |
5 199 805 |
11,2% |
Accounts receivable |
221 457 |
368 624 |
-39,9% |
Financial investments (excluding cash equivalents) |
261 689 |
315 986 |
-17,2% |
Cash and cash equivalents |
52 195 |
132 392 |
-60,6% |
Total current assets |
564 382 |
845 978 |
-33,3% |
TOTAL ASSETS |
6 345 071 |
6 045 783 |
5,0% |
LIABILITIES |
|||
Revaluation of non-current assets |
3 875 615 |
3 481 220 |
11,3% |
Retained earnings (uncovered loss) |
852 904 |
850 875 |
0,2% |
Total capital and reserves |
5 848 874 |
5 452 450 |
7,3% |
Borrowings |
375 868 |
448 115 |
-16,1% |
Other liabilities |
44 529 |
51 098 |
-12,9% |
Total non-current liabilities |
428 867 |
509 819 |
-15,9% |
Borrowings |
7 156 |
35 023 |
-79,6% |
Accounts payable |
54 943 |
43 618 |
26,0% |
Total current liabilities |
67 330 |
83 514 |
-19,4% |
TOTAL LIABILITIES |
6 345 071 |
6 045 783 |
5,0% |
Artgen Biotech is a biotech company with a portfolio of innovative platform developments that implements these in healthcare. The Artgen Biotech group includes companies at different stages of development, from the seed stage to the stage of early growth and maturity, as well as companies that form an ecosystem for accelerating biotech developments in the group.