Russian drone manufacturer sees record profits following stake transfer to Putin's daughter

Geoscan, Russia's largest drone manufacturer, has significantly boosted its financial performance following the acquisition of a company stake by Yekaterina Tikhonova, the daughter of Russian ruler Vladimir Putin.

Source: Russian online newspaper The Moscow Times, citing Russian news outlet Verstka

Details: Geoscan's revenue in 2024 rose 3.6 times to RUB 4.7 billion (about US$55.5 million), while net profit surged nearly 6.2 times to a record RUB 1.27 billion (about US$15 million).

Meanwhile, the National Intellectual Development (NID) foundation, led by Tikhonova, has not disclosed its financial statements for the first time.

The foundation only provided data on its balance sheet for 2024, which grew by RUB 625 million (about US$7.38 million), reaching RUB 4.46 billion (about US$52.6 million).

Revenue and net profit for 2024 have not been disclosed, but a year earlier, they amounted to RUB 1.1 billion (about US$12.9 million) and RUB 234 million (about US$2.7 million), respectively.

Geoscan manufactures civilian aviation drones and software for photogrammetric data processing.

NID acquired a 10% stake in the company from its founder, Alexei Semenov, who retains 87.5%. The remaining 2.5% is held by CEO Alexei Yuretsky.

Immediately after the acquisition, Geoscan increased its procurement of sanctioned electronic boards and semiconductors in Belarus.

Background: In Russia, smartphone sales fell by more than 20% in the first three months of 2025.

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