Совкомфлот увеличил прибыль по РСБУ

Sovcomflot Posts Profit for H1 2019

  • Sovcomflot has published a consolidated financial statement for January-June 2019. The Group’s gross revenue was up 16.6% to $828 mn, time charter equivalent revenue up 19.1% to $609 mn, EBITDA up 42.4% to $381.2 mn.

    Net profit made $91 mn compared to net loss of $57.8 for the first half of 2018.

    Sergey Frank, President and CEO of Sovcomflot said: “The company achieved significant growth in the first half of 2019 compared to the same period in 2018, exceeding our budget plans. The successful operation of SCF’s vessels serving industrial oil and gas projects, together with the growth of revenues from fleet operations in the conventional tanker market segments (oil and petroleum products), reflected certain improvements in the freight market, although spot rates did not reach their historical averages”.

    “Based on the supply-demand ratio forecasts for tanker tonnage, and taking into account the seasonality factor, we remain cautiously optimistic about the results for the second half of the year, as well as the prospects for 2020”, he added.

    According to Nikolay Kolesnikov, Executive Vice President and Chief Financial Officer of Sovcomflot, future contracted revenues at the end of H1 2019 totalled $8.1 bn


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