Sovcomflot posts IFRS net profit of USD 97 million in QI'15 (up 67%, y-o-y)
Sovcomflot says its net profit increased by 67.0 per cent to USD 97.0 million in QI'15. According to SCF press center, the Group’s gross revenue decreased by 1.7% to $359 million. EBITDA climbed by 16.2% to $178.5 mln.
Commenting on the Group’s results Sergey Frank, President and CEO of Sovcomflot, said:
“Sovcomflot has made a very encouraging start to 2015, following five years of recession within the global tanker market. A strong performance from the crude and product tanker freight markets has built upon underlying profits generated from our increasing fixed income gas and offshore fleets. Timely fleet exposure to the oil product and crude spot markets, as well as maintaining our critical size to capture the volatility in those markets, has resulted in a significant rise in profits during the first quarter of 2015. Our oil products transportation segment, for example, increased profits by 85 per cent compared with the first quarter of 2014.
“Our robust strategy of providing new technically advanced vessels for long-term fixed income employment continues to deliver a profitable and sustainable income stream, which will underpin an enhanced performance for our business going forward. Based upon the very positive outlook for crude and oil products transportation going into Q2 2015, the Group can expect a significant uplift in its performance in 2015 compared with the previous year.”
Nikolay Kolesnikov, Executive Vice President, Chief Financial Officer, added:
“With a stable balance sheet and positive cash flow during the first quarter, supported by good earnings visibility, Sovcomflot is well positioned to continue delivering against its strategy and fulfilling the evolving needs of its clients. Sovcomflot’s credit ratings were affirmed at their current levels despite the downgrades in the reporting period of the sovereign rating, and the company maintained access to sources of long-term debt finance thus demonstrating resilience of its business model to adverse geopolitical conditions.”
Sovcomflot Group (SCF) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore exploration and oil & gas production. SCF is the largest operator of ice class LNG gas carriers in the world. The company’s fleet (owned & chartered) specialises in hydrocarbon transportation from regions with challenging icy conditions and includes 153 vessels with a combined deadweight of about 12.6 million tonnes. A third of these vessels have a high ice class. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Prirazlomnoye, Tangguh, and Peregrino. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.
