Company DigestCompaniesLast updated: 7 March 2025

Sovcomflot's IFRS Net Profit for 2024 Falls About 55% to $424.449 Million, Below the $568 Million Consensus; Adjusted Net Profit of 46.211 Billion Rubles Remains the Dividend Base

Shipping company Sovcomflot (ПАО «Совкомфлот», MOEX: FLOT) published its consolidated results under International Financial Reporting Standards for 2024 on March 7, 2025: net profit fell by about 55% to $424.449 million from $943.3 million in 2023 and came in below the market consensus of $568 million; EBITDA reached $1.041 billion against $1.572 billion a year earlier; revenue on a time-charter equivalent basis stood at $1.535 billion; adjusted net profit, the base for dividend payments, declined 45% to 46.211 billion rubles from 83.533 billion rubles; and total revenue under IFRS fell 19% to $1.87 billion from $2.32 billion.

Oil tanker alongside a marine loading terminal

Net profit down about 55% and below the consensus

MOSCOW, March 7, 2025 — Sovcomflot (ПАО «Совкомфлот») reported its results under International Financial Reporting Standards for the full year 2024, as covered by Interfax. Net profit for 2024 was $424.449 million, compared with $943.3 million in 2023, a decrease of about 55%. The reported figure also proved weaker than analysts' expectations: the consensus forecast for the year stood at $568 million, above the actual result. Corporate announcements, results materials and information for the media are published on the company's website at https://www.sovcomflot.ru/.

The key figures of the 2024 report

The principal indicators of the reporting published on March 7, 2025 are as follows:

net profit under IFRS for 2024: $424.449 million, down about 55% from $943.3 million in 2023 and below the $568 million consensus;
EBITDA for 2024: $1.041 billion, against $1.572 billion in 2023;
revenue on a time-charter equivalent (TCE) basis: $1.535 billion;
adjusted net profit, the base for dividend payments: 46.211 billion rubles, down 45% from 83.533 billion rubles a year earlier;
total revenue under IFRS: $1.87 billion, down 19% from $2.32 billion in 2023.

Revenue and earnings: 2024 against 2023

The reporting year brought a contraction across the main lines of the income statement. Total revenue under IFRS declined 19%, to $1.87 billion from $2.32 billion, while revenue measured on a time-charter equivalent (TCE) basis amounted to $1.535 billion. EBITDA for the year reached $1.041 billion, against $1.572 billion in 2023, and net profit followed the same direction with a fall of about 55%.

The year-on-year sequence

total revenue under IFRS: $1.87 billion in 2024 versus $2.32 billion in 2023, down 19%;
EBITDA: $1.041 billion in 2024 versus $1.572 billion in 2023;
net profit under IFRS: $424.449 million in 2024 versus $943.3 million in 2023, down about 55%;
adjusted net profit: 46.211 billion rubles in 2024 versus 83.533 billion rubles in 2023, down 45%.

Adjusted profit: the dividend base

A separate line of the disclosure is adjusted net profit, which serves as the base for dividend payments. For 2024 it amounted to 46.211 billion rubles, against 83.533 billion rubles a year earlier, a decline of 45%. It is this ruble-denominated adjusted figure, rather than the dollar-denominated IFRS net profit, that acts as the reference point for the company's dividend payments.

As context, Interfax recalls that the company and 14–15 of its tankers were added to the U.S. SDN list on February 23, 2024, and that the U.S. package of January 10, 2025 covered 69 vessels, including 54 oil tankers and 4 LNG carriers, with the company citing operational and commercial difficulties.