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Sovcomflot posts over ten-fold increase in 2022 profit under IFRS to $385 mln

The company also said it maintained the policy of dividend payment in the amount of no less than 50% of net profit under IFRS

MOSCOW, March 20. /TASS/. Net profit of Sovcomflot under International Financial Reporting Standards (IFRS) soared 10.8-fold in 2022 compared with 2021 to $385.2 bln, the company’s press service reported on Monday.

Revenue in time charter equivalent amounted to around $1.4 bln in the reporting period, up by 31.2% compared with the previous year. Total revenue rose by 22.6% to $1.9 bln.

EBITDA grew by 53.2% in 2022 to $1.039 mln.

The company also said it maintained the policy of dividend payment in the amount of no less than 50% of net profit under IFRS.

Sovcomflot Group is one of the world's leading energy shipping companies, focusing on the transportation of liquefied gas, crude oil, and petroleum products, as well as the servicing of offshore upstream energy production.

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