SCF Group has published its financial results for the third quarter and nine months of 2018.
For Q3, gross revenue grew 13.1% up to $396.5 mn, time-charter equivalent revenue was up 2.9% up to $262.6 mn, and EBITDA up 17.1% to $146.9 mn.
Net profit made $0.3 mn compared to a net loss of $22 mn in Q3 2017.
During the 9 months of 2018 gross revenue increased by 4.3% to $1.1 bn, time-charter equivalent revenue declined 1.5% down to $774 mn.
EBITDA was up 1.5% to 414.6 mn, net loss made $57.5 mn, up 8.5-fold year-on-year.
“The Group returned to positive numbers in Q3 2018 with continued growth in SCF’s industrial, fixed income businesses. The Offshore and Gas divisional performances remain at the core of the Group’s profitability and earnings performance, contributing now around 60% of Group’s net revenues. The green shoots of recovery in the conventional tanker market and in the larger crude sector in particular, are encouraging for Q4 2018 and may bring a welcome earnings boost on top of that provided by the Gas and Offshore divisions”, Sergey Frank, President & CEO of Sovcomflot, commented.
According to Nikolay Kolesnikov, Sovcomflot Senior Executive Officer & Chief Financial Officer, the company continues to enjoy an exceptionally strong pipeline of future contracted revenues amounting to a total of $7.7 billion.