Sovcomflot’s net profit in 2023 increased 4.1 times – Kommersant

Sovcomflot (MOEX: FLOT) reported IFRS for 2023. Adjusted net profit increased to 83.5 billion rubles, follows from reporting companies. Its profit amounted to 79.55 billion rubles, earnings per share – 35.17 rubles.

“The company demonstrated strong financial results thanks to stable income from its existing portfolio of long-term contracts, as well as the operation of its fleet in a strong market environment. The company’s activities are subject to the influence of geopolitical factors and illegally imposed sanctions from unfriendly countries,” the press release clarifies.

Sovcomflot’s revenue for 2023 increased by 22.6%, to $2.3 billion, operating profit doubled, to $1.16 billion.

In February, the US Treasury entered additional sanctions against the Russian Sovcomflot. The shipping company was moved from the NS-MBS (Non-SDN Menu-Based Sanctions List) to the SDN list, which implies a tightening of the sanctions regime. According to Reuters, among the Sovcomflot tankers sanctioned were those that sailed under the Liberian flag. Agency reportedthat dozens of tankers carrying Russian oil have stopped sailing under the flags of Liberia and the Marshall Islands amid tightening restrictions from the United States.

About the consequences of sanctions – in the material “Kommersant” “A rare tanker will sail to Gydan”.

Laura Keffer