Sovcomflot Posts 2.4-Fold Profit Growth for 2023

Sovcomflot Posts 2.4-Fold Profit Growth for 2023

  • Sovcomflot has published the general consolidated financial report for 2023.

    Tee Group’s revenue was up 22.6% year-on-year to $2.3 billion, TCE revenue up 42.3% to $2 billion, earnings on vessel operations up 47% to $1.7 billion.

    EBITDA grew 51.9% to $1.6 billion, and operating profit doubled to $1.2 billion.

    Profit for the period made $943.3 million, up 2.4-fold year-on-year. Corrected profit was up 4.1-fold to $83.5 billion.

    Operating expense increased 24.4% to $371.4 million, while general and administrative expense was down 10% to $72.9 million, amortization down 16% to 412.2 million, and financial expense down 34.2% to $93 million.

    Net debt made $257.1 million as of December 31, 2023.

    Photo: Shipspotting / foggy


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