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Company News, Business, Energy

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Sovcomflot 2023 net profit $900m   

Fleet operation amid high market environment also helped in raising the revenue. (Twitter)
By TRENDS Desk
March 18, 2024 9:23 pm
  • The company's revenue increased by 22.6 percent in 2023
  • Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.

MOSCOW, RUSSIA – Adjusted net profit of Sovcomflot under International Financial Reporting Standards (IFRS) surged 4.1 fold in 2023 compared with 2022 to 83.5 billion rubles ($908 milion), the company reported.

“In the reporting period the company demonstrated strong financial results due to stable revenues amid its present portfolio of long-term contracts, as well as the operation of fleet amid high market environment,” the report said.

Profit totaled 79.55 billion rubles ($865 million). Earnings per share equaled 35.17 rubles, TASS reported.

Revenue increased by 22.6 percent in the reporting period to US$2.3 billion, while operating profit doubled to US$1.16 billion.

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