Revenue and accounts payable expected to grow in Russian fish industry

The Russian fish sector’s revenue and accounts payable are both expected to grow in 2021, reports Megafishnet.com.

According to German Zverev (head VARPE fishermen and exporters association) quoted by TASS, the revenue of the fishing industry organizations in 2021 may grow by 2.1-2.8% to reach 710-715 billion rubles (ca.$10 billion).

For comparison, in 2020 the turnover of organizations in the field of fishing and fish farming amounted to 390.6 billion rubles, while in the field of processing and preserving fish, crustaceans and shellfish it stood at 304.4 billion rubles.

According to Zverev's forecast, in 2021 the industry’s profit will be in the range of 150-155 billion rubles, approximately on a par with the last year. The volume of investments, at least for ships, is not expected to decrease, because these investments are mandatory under the contracts for the investment quota share allocations.  The expected figure for 2021 is about 65-70 billion rubles to come, as in the past year, from bank loans.

Accounts payable

According to VARPE, in 2020 the volume of investments in the industry amounted to 68.3 billion rubles.  The sector, according to the data collected from major banks, by the end of 2020 borrowed at least about 450 billion rubles. The volume of accounts payable is expected to increase, because, first of all, many companies are opening credit lines due to the fact that there is practically no large-scale foreign currency input in the first quarter.