Sovcomflot has published its IFRS results for the full year to 31 December 2019.
The group’s revenue increased by 9.6% up to $1.7 bn, time charter equivalent revenues grew by 17.8% up to $1.3 bn and EBITDA by 41.7% up to $823 mn. Voyage expenses and commissions declined by 10.2% down to $399.7 mn.
Operating profit surged 2.3-fold up to $436.4 mn, profit before income taxes made $254.4 mn compared to loss before income tax of $22.1 mn for 2018.
Net profit for 2019 amounted to $225.4 mn compared to net loss of $45.6 mn for 2018.
As at 31 December 2019, Sovcomflot’s fleet comprised 147 owned and chartered vessels (including vessels in joint ownership with third parties) exceeded 12.8 mn dwt in total.
Sergey Frank, Chairman of the Board of Directors of Sovcomflot, noted that in the first year of implementation of our new strategy 2019-2025, Sovcomflot significantly exceeded the KPI targets set for 2019 and strengthened its position in the market segments that are of strategic importance for the company.
According to Igor Tonkovidov, President and CEO of Sovcomflot, by many measures such as net profit and EBITDA the results achieved in 2019 are close to the company’s historic highs.