NSCP Posts 90% Lower Profit for 2020

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Novorossiysk Commercial Sea Port has posted IFRS results for 2020.

Earnings were down 18.7% to 45.6 bn rubles ($601.6 mn). EBUTDA decreased by 26.5% down to 30.7 bn rubles ($404.9 mn). Net profit dropped by 961.2% down to 4.8 bn rubles ($63.3 mn).

Net debt of the Group increased by 26.8% and amounted to $30.4 bn.

NCSP explains the decline in earnings by lower crude export due to the COVID-19 pandemic and the OPEC+ agreement.