The profit of Sovcomflot according to IFRS for the first quarter amounted to 285.9 million

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AK&M 26 May 2023 13:51

Sovcomflot's profit under IFRS for the first quarter of 2023 amounted to 285.9 million against a loss of 90.8 million a year earlier. Revenue increased by 58.4% to 626.9 million from 395.8 million. Operating profit amounted to RUB 351.3 million against a loss of RUB 79.8 million. EBITDA increased by more than 2 times, amounting to 452.5 million. This is stated in the company's message.

Revenue based on time charter equivalent increased by 96.7% to 551.7 million from 280.5 million. The profit from the operation of ships increased to 471.3 million from 202.6 million.

Sovcomflot Group of Companies is a company for the sea transportation of liquefied gas, oil and petroleum products, as well as the maintenance of offshore hydrocarbon production.

Sovcomflot's profit under IFRS for 2022 increased 10.8 times to $385.2 million from $35.8 million a year earlier. Adjusted profit increased 4.4 times to RUB 20.36 billion from RUB 4.58 billion. Revenue increased by 22.6% to $1.89 billion from $1.5 billion, profit from ship operation – by 50.4% to $1.14 billion from $756.9 million, EBITDA – by 50.4% to $1.04 billion from $678 million.