FESCO’s IFRS net profit in 2021 totaled RUB 37.8 billion, up 4.5 times YoY
The company’s revenue rose 1.8 times to RUB 113.7 billion
Net profit of FESCO Transportation Group in 2021 rose 4.5 times to RUB 37.8 billion, according to the company’s IFRS report. FESCO’s revenue rose 1.8 times to RUB 113.7 billion.
In 2021, the company reached EBITDA in the amount of RUB 47.5 billion, which is almost 4 times higher than the level of 2020. EBITDA margin rose by 22 pp to 42%. The company reports RUB 31 billion on credits and loans.
Total cargo turnover of Commercial Port of Vladivostok PJSC (CPV) in tons increased by 16% compared to 2020. Cargo transshipment of CPV totaled 13.3 million tons, container turnover – 757,000 TEU (+13%).
In February 2022, following the recognition of self-proclaimed republics of Donetsk and Lugansk by the Russian Federation and the beginning of a special military operation in Ukraine, additional sanctions against Russia were introduced by the United States of America, the European Union and some other countries. These events have led to depreciation of the Russian ruble. FESCO retains the ability to continue its activities, particularly focused on transportation in the most favorable direction between Russia and China and the planned debt restructuring completed by the Group last year. With the scope of revenue received in foreign currency, the growth in operating expenses will be negated, says the company.
Far Eastern Shipping Company, parent company of FESCO Transportation Group, is one of the leading public transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. Diversified but integrated asset portfolio enables FESCO to provide door-to-door logistics solutions and control almost all steps of the intermodal transportation value chain. FESCO controls the Commercial Port of Vladivostok, rail operator Transgarant and operator of container platforms Russkaya Troyka. FESCO operates about 36,000 containers. FESCO’s fleet numbers 20 vessels deployed primarily on its own sea service lines.
Key shareholders of FESCO with direct or indirect ownership are Andrey Severilov – 23.8% of shares, Mikhail Rabinovich – 26.5%, Ziyavudin Magomedov – 32.5%. About 17% of shares are in free circulation or held by other shareholders.
