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10 Feb 2021

MTZ increases share of innovative products

MTZ increases share of innovative products
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MINSK, 10 February (BelTA) – Minsk Tractor Works (MTZ trademark) increased the share of innovative products to 54.3% of the total production in 2020, BelTA learned from the press service of the plant.

“The share of innovative products is the most important indicator for a modern enterprise. It means that every second tractor produced at the plant is from a new lineup or an upgrade. For comparison: a year earlier the share of innovative products was 42.1%,” said Dmitry Morozov, Deputy General Director for Financial and Economic Affairs at MTZ.

According to him, Minsk Tractor Works produced goods worth almost Br1.7 billion in 2020. The production growth rate in current prices was 112.5%.

Dmitry Morozov also stressed an increase in sales profitability: from 10.4% in 2019 to 15.5% in 2020. The profit from sales was more than Br290 million, up 62.7% from 2019. Profit from current activities exceeded Br235 million, net profit stood at Br6.9 million.

“The director general set a target to reduce production costs of products, works, and services. At the end of the year, resource savings amounted to 7.5%, and still there are reserves,” the deputy director general said.

He stressed that at MTZ the growth rate of revenue per employee exceeds the growth rate of wages. “This was the reason for the increase of the tariff rate of the first grade on average at the plant by 10% from 1 February 2020,” said Dmitry Morozov. In 2020, the average monthly wage at the plant was Br1,400.

MTZ is one of the world’s largest manufacturers of agricultural machines. Apart from the main factory the holding company MTZ comprises ten enterprises. As many as 25 assembly enterprises have been established abroad. MTZ products are represented in over 60 countries.

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