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ST. PETERSBURG, June 20 (Xinhua) -- Revenues of Russian companies almost doubled year on year in 2022 to nearly 1.27 quadrillion rubles, Russian media RBC reported on Tuesday, citing data from the Federal Tax Service of Russia.

The revenues of Russian companies were about 655 trillion rubles in 2021, and exceeded the threshold of 1 quadrillion rubles in 2022 for the first time. However, the profits of Russian companies grew by only 5.9 percent - from 29.4 trillion up to 31.1 trillion rubles. With an average inflation rate of 13.8 percent in 2022, profits actually declined.

The Federal Tax Service of Russia noted that the growth in revenues of Russian companies in 2022 was due to increased export revenues of oil and gas companies and the recovery of consumer demand for goods and services. The discrepancy between revenues and profits was associated with increased costs due to sanctions.

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