The worst financial performance of Russian companies in two years have been caused by rising costs and high interest rate. It is known that total profit amounted to 21.37 trillion rubles in the first nine months of 2024, which is nearly 20% less than a year earlier.
Moreover, income tax revenues fell by 7%, and the worst situation is in the regions, where most enterprises of coal mining industry are located. For example, Kemerovo Oblast has experienced the 59% drop in income tax revenues this year.
A shortage of personnel and rising costs are the main problems of Russian businesses. Companies have to increase salaries, which grew by 8.4% in September, because of historically low unemployment rate (2.3%).
