The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and its partners from among the leading sovereign wealth funds in the Middle East and Asia have become anchor investors in the initial public offering of Sovcomflot, supporting the success of the first IPO on the Russian market in 2020, RDIF informed.
Foreign investors showed considerable interest during the IPO which is testament to the company's unique position in the global market and strong growth prospects.
SCF Group (Sovcomflot) is Russia's biggest shipping company, one of the global leaders engaged in the marine transportation of hydrocarbons and providing maintenance services for off-shore oil and gas upstream projects. SCF Group's fleet comprises 146 owned and chartered vessels with a total deadweight of 12.6 million tonnes, more than 80 of them being ice-class vessels.
Sovcomflot provides support to large offshore energy projects, such as: Sakhalin-I, Sakhalin-II, Varandey, Prirazlomnoye, Yamal LNG, Tangguh (Indonesia). The company headquartered in St. Petersburg has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, and Dubai.
IFRS net profit of Sovcomflot for 2019 was $225.4 million against a loss of $45.6 million a year earlier. Revenue increased by 9.6% to $1.665 billion from $1.52 billion, EBITDA by 41.7% to $823 million from $580.7 million.
IFRS net profit of Sovcomflot for Q1 2020 increased by 65.6% to $116.1 million from $70.1 million a year earlier. Gross revenue increased by 20.1% to $493.3 million from $410.7 million, net revenue (time charter equivalent) by 25.1% to $389.5 million from $311.3 million, EBITDA by 39% to $287.5 million from $206.8 million.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF's management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5 trillion and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia's GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 billion.
