Rosmorport’s 2021 net profit doubled to RUB 1 billion, while shipping traffic fell 4.3%
On March 29, state-owned FSUE Rosmorport summed up the results of activities for 2021 and determined the main tasks and objectives for 2022. The results and plans of the key enterprise of Russia’s maritime transport industry were discussed at a meeting with the participation of Rosmorport executives and directors of its regional branches.
Total revenue of the enterprise for the 12 months reached RUB 34.4 billion rubles, net profit in 2021 doubled and amounted to RUB 1 billion rubles, EBITDA reached RUB 8 billion, the enterprise press office said.
Rosmorport’s General Director Sergey Pylin focused on a number of achievements of the enterprise following the results of the past year. Despite the ongoing impact of the consequences of the coronavirus pandemic in 2021, the program of investments at its own expense was implemented with a record indicator in the history of Rosmorport, while half of the investments are directed to finance activities included in the Comprehensive Plan for the Modernization and Expansion of the Main Infrastructure (CPMI) . The volume of execution of budget allocations for construction financed from the federal budget in 2021 exceeded 99%.
The company’s fleet has been replenished with four vessels, including the first in Russia dual-fuel ferry Marshal Rokossovsky, which began March 4, 2022 operating on the Ust-Luga-Baltiysk route.
Maintenance dredging in 2021 at the volume of 7.6 million cbm ensured shipping channels design depths at 42 hydraulic engineering facilities. 90% of the scope of dredging work was performed by Rosmorport’s own fleet and equipment.
The consequences COVID-19 hit the operational and financial performance of Rosmorport in 2021. Cargo throughput at seaports reached 835 million tonnes, which is slightly less versus the pre-pandemic 2019. Shipping traffic and the number of vessels served decreased year-on-year by 4.3% and 5.3%, respectively, and their total gross tonnage (GT) - by 3%.
The head of Rosmorport noted that against the backdrop of 2021, the enterprise may face the current year with more difficult challenges. In the current geopolitical and economic situation, it is necessary to combine efforts to form a set of measures to ensure the stable operations of both the enterprise and the industry as a whole.
The work of Rosmorport should be aimed primarily at finding internal reserves for improving efficiency. The state-owned port operator is conducting a global revision of the activity program for 2022, prioritizing among the planned activities and taking into account the expected decrease in the revenue base. The enterprise also prepared and submitted to the Ministry of Transport of Russia a number of proposals for including sectoral support measures in the Priority Action Plan to ensure economic development under external pressure.
“A team approach, a clear prioritization of tasks, taking into account dynamically changing economic conditions and geopolitical circumstances - I see this as the key to our success in overcoming any external challenges. I am sure that we will pass this year with the same dignity, retaining the leading position of the enterprise in the industry, its high economic potential and, most importantly, a professional and reliable team,” General Director of Rosmorport said.
FSUE Rosmorport operates in 62 out of 64 seaports of Russia. It is the customer of 19 projects on construction and reconstruction of port infrastructure facilities foreseen by the Comprehensive Plan for Modernization and Expansion of Core Infrastructure (CPMI). By 2030, FSUE Rosmorport will invest over RUB 24 billion of its own resources in development of port infrastructure. With those investments, the capacity of ports for exports of Russia products will increase by over 141 million tonnes by 2030.