Profit of Putin’s daughter foundation more than triple in a year

The National Intellectual Development Foundation, which operates under the trade name “Innopraktika” and belongs to Yekaterina Tikhonova, who is considered by the media to be Putin’s daughter, increased its profits 3.5 times – to 113.9 million rubles ($1.95 million), RBC reports.

As the foundation explained, this came about due to the realization of research projects.

The foundation’s net annual profit increased by a factor of 3.5 and thus amounted to 113.9 million rubles (compared to 31.5 million rubles in 2015), the foundation’s report states. Innopraktika’s annual turnover grew from 182.6 million rubles to 264 million rubles.

The foundation explained to the news outlet that the profit increased due to the realization of 22 projects. “Some of the contracts are confidential, but information about several has already been published in open sources with the clients’ consent,” the Foundation noted.
Amongst other things, researchers from Moscow State University, supported by the foundation and by Rosneft, identified microorganisms that can break down oil and oil products in the sea, on the coast, on ships and drilling platforms at negative temperatures. In addition, Rosneft has implemented a project to prepare associated petroleum gas on the basis of the foundation’s technology.

As RBC points out, the value of the foundation’s assets exceeded a billion rubles last year. This is more than double the indicator for 2015, when its assets were worth 418 million rubles. The foundation explained that this increase in value is related to the installation of software developed in the area of digital education, as well as the growth of “reserves, monetary funds and other assets”. The foundation’s partners in scientific research and development operations were companies such as Rosneft, Rosatom, NOVATEK, Transneft and others. Last year the target revenue from the companies exceeded 875 million rubles. The foundation received 343.1 million rubles from the realization of operations.

Reuters and Bloomberg have repeatedly identified Tikhonova as Putin’s younger daughter. Reuters wrote that Tikohonova’s husband is the son of the Russian president’s friend Nikolai Shamalov. Putin himself has neither confirmed nor denied this information.

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