Artgen Biotech performance for 6 months of 2024 according to RAS

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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.