SCF Group's first-quarter profit soars 36.3 percent
SCF Sovcomflot (SCF Group), a largest Russian and global carrier, has announced financial and operating results for the first quarter ended 31 March 2012. Gross revenue (freight & hire receivable) for the period rose 14.4% from a year earlier, to US$ 394.9 million, EBITDA totaled $144.9 million (+16.4%), net profit increased by 36.3% to $45.4 million, the Group press release said.
Among other highlights of the Group are: the completion of the 500th delivery by Grand Aniva gas carrier of LNG for Sakhalin-2 project, via the LNG terminal at the port of Prigorodnoe (Sakhalin Island), expansion of co-operation with Glencore through the acquisition of an equity participation in four LR1 product carriers (74,000 tonnes dwt), long-term charter of two 20,600 cbm ice-class LPG tankers with Russian petrochemical company SIBUR and the completion of engineering and design tests in preparation for the transportation of the Berkut GBS for the Arkutun Dagi oil field of the Sakhalin-1 project (operator - Exxon Neftegas Ltd). Towing and installation of the platform at the field will be carried out by Sovcomflot with its partner - the Dutch company Van Oord.
Sergey Frank, President & CEO of OAO Sovcomflot said: “Despite some limited revival in the global tanker market, at the beginning of 2012, tanker owners are still experiencing challenging times. It is way too early to talk about recovery from this period of long-term market depression. During the first quarter of 2012, freight rates were at historical lows and the market saw an over-supply of new-buildings. In the first quarter freight rates remained at historic low levels due to a continued tanker supply / demand imbalance. Despite this background, the Group has proven to be resilient, which has demonstrated the ongoing viability of its business-model. SCF Sovcomflot has ended the period with positive results, with net profit 36.3% above the level achieved last year. Significantly, the Group’s profitability index remains way ahead of the industry average, which gives us cause to look to the future with confidence.”
SCF Group (SCF) - one of the world's leading shipping companies, specialising in crude oil, petroleum products and liquefied gas transportation. The fleet includes 158 vessels with a total deadweight of 12 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.
The Group offers a wide range of vessels highly concentrated in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot has the ability to meet the most demanding customer requirements, providing effective transportation for oil & gas companies.
Find more details on www.scf-group.com
