NCSP Group's 9M profit soars fourfold to US$ 320m
The net profit of OJSC Novorossiysk Commercial Sea Port (NCSP Group) according to International Financial Reporting Standards (IFRS) for the January-September period ended September 30 amounted to US$ 320 million, which is more than four times compared with the same period in 2011, the Group’s press release said.
The Company’s revenue climbed 0.5% to $ 786 million, EBITDA increased by 16% year-on-year to $ 469 million.
Novorossiysk Commercial Sea Port is the largest Russian company and ranks third operator in Europe in terms of cargo throughput. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, CJSC SFP and LLC NFT (joint venture). Novoport Holding Ltd, which is beneficially owned by Transneft and Ziyavudin Magomedov (Summa Group), holds a 50.1% stake in PJSC NCSP. Consolidated revenue according to IFRS for the nine months of 2011 totaled $782 million (2011 - $1.050bn) and EBITDA of $404 million (2011 - $550m). NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP). In 2011, cargo traffic at NCSP Group totaled 157 million tons.