PAO Sovcomflot Board of Directors reviews Q1 2020 results

May 21 2020


On 19 May 2020, the Board of Directors of PAO Sovcomflot (SCF Group) held a meeting to review the Company’s results for Q1 2020.

Over the reporting period, the time charter equivalent (TCE) revenue of SCF Group increased to USD 389.5 million (growth of 25 per cent year-on-year), EBITDA rose to USD 287.5 million (growth of 39 per cent year-on-year), net profit exceeded USD 116 million (growth of 65.6 percent year-on-year).

 

During the meeting, Igor Tonkovidov, President and CEO of PAO Sovcomflot, reported to the Board on additional measures taken to meet the objectives of SCF’s Strategy 2025, amid new challenges for the shipping industry.

 

“The Board of Directors is satisfied with the Q1 2020 results. In a difficult period for the global economy, international trade and the shipping industry, the Executive Board and SCF Group’s onshore team, and the captains and crews of SCF’s vessels have efficiently managed the Group’s fleet. SCF has fully met its obligations to clients. All measures necessary to protect the health of our employees, at sea and ashore, have been taken, and the performance targets for the quarter have been exceeded,” said Sergey Frank, Chairman of the Board.

 

“In Q1 2020, the Company took advantage of the conditions in the crude oil and petroleum product shipping market that were favourable for shipowners. Based on our strong performance in the reporting period, as well as current freight rate forecasts for the near future, we anticipate that the Group will successfully achieve its performance targets for Q2 2020 and H1 2020. Through effective incorporation of advanced level digital solutions, within our core processes, we have been able to maintain the continuity of our operations amidst the current turmoil,” said Igor Tonkovidov, President and CEO of PAO Sovcomflot.

 

“The Group has been successful in fulfilling its goals set by the Strategy 2025 for 2020. The Group’s financial performance over the first quarter drove the improvement in our credit ratios, while also strongly contributing to a substantial increase in shareholder value,” said Walid Chammah, a member of the Board of Directors of Sovcomflot.

 



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