MOSCOW, May 26. /TASS/. Net profit of Sovcomflot under International Financial Reporting Standards (IFRS) amounted to $285.9 mln in Q1 2023 compared to $90.8 mln loss in the same period last year, the company’s press service reported on Friday.

Revenue climbed by 58.4% in the reporting period year-on-year to $626.9 mln, while revenue in time charter equivalent almost doubled year-on-year to $551.7 mln.

EBITDA soared 2.4-fold in the period to $452.5 mln.

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.

Earlier, the board of directors of the company recommended that the general meeting of shareholders allocate 10.2 bln rubles for 2022 dividend payout. The state is the main shareholder of Sovcomflot with an 82.8% stake. Minority shareholders own 15.6% of shares, while 1.6% of shares are on the balance sheet of a subsidiary.