Новый газовоз «Совкомфлота»

SCF Doubles Net Profit for 9 Months 2020

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    Sovcomflot has posted its condensed consolidated financial statements for the third quarter and 9 months ended 30 September 2020.

    For the 9 months ended 30 September 2020, SCF Group’s time-charter equivalent (TCE) revenue increased by 22.1% year-on-year to $1,069.8 mn, EBITDA was up 37.5% to $741.4 mn. Net profit more than doubled to make $249.5 mn.

    According to the company, the positive dynamics were driven by continued and sustainable growth of the industrial business segments, as well as a strong performance of the conventional tanker fleet in the first half of the year. 

    SCF Group’s industrial business portfolio, which provides a long-term fixed income revenue stream, contributed $501.3 mn to the 9 months 2020 TCE revenue, delivering a 7.5% year-on-year growth. It came as a result of two new LNG carriers employed under long-term contracts with international energy majors, delivered and put into operation.

    Conventional tanker fleet TCE revenue increased 44.6% to $531 mn during the 9 months of 2020, on the back of strong freight market dynamics in the first 6 months of 2020. The market has started to adjust in the third quarter, which is seasonally the lowest quarter due to the summer decline in crude oil and oil products demand. This year seasonality effect was more pronounced due to COVID-19 pandemic-driven impacts on demand, the company noted in the statement.

    Q3 2020 TCE revenue was up 1.6% to $287.1 mn, with Q3 2020 EBITDA declining 1.6% to $162.8 mn and a decline in net profit of 10.9% to $23.1 mln (as compared to Q3 2019), reflecting a weaker conventional tanker market over the quarter and some one-off maintenance expenses.

    Commenting on the 9M 2020 results, Igor Tonkovidov, President and CEO of SCF Group, said: “SCF demonstrated an exceptionally strong performance with 9 months net profit doubling, compared with last year. Furthermore, the Group was able to secure new industrial business with an additional USD 14 bn of future contracted revenues, booked in the LNG segment just over the past couple of months, fully in line with the Group’s strategy. This clearly shows the resilience of Sovcomflot’s business model to the pandemic-related operational challenges and to adverse and volatile market conditions. We are on track to achieve the budgetary targets for the full year 2020 and are well equipped to grow the business going forward, with the proceeds from the recent IPO of Sovcomflot shares, maintaining our strong focus on decarbonisation and innovations.”

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