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FESCO Posts 4.5-Fold Profit Growth

  • FESCO Transportation Group has published its IFRS results for 2021. The Group’s revenue grew by 83% year-on-year to make 113.7 bn rubles ($1.08 bn), EBITDA surged almost 4-fold up to 47.5 bn rubles ($453.8 mn), and net profit was up 4.5-fold to 37.85 bn rubles ($361.6 mn).

    Net debt / EBITDA ratio was a record-breaking low 0.5x, down 5.6-fold year-on-year. The Group’s net debt made 22.9 bn rubles ($219.2 thousand) as of December 31, 2021, down from 29.6 bn rubles ($282.3 mn) a year before that.

    The Group recorded an all-time largest throughput via its Commercial Port of Vladivostok, with container traffic via the port up 13% year-on-year to 757,000 TEU and general cargo and oil products throughput up 12% to 5.6 mn tons.

    Intermodal container transportation grew by 18% to 465,000 TEU. International sea freight was 3% below the level of 2020 at 284,000 TEU, and costal trade up 1% year-on-year to 81,000 TEU.

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