FESCO profit drops 95% in first half
FESCO's net profit fell by 95% year-on-year to 36 million rubles in the first half of the year, despite a 5% increase in revenue. The company also reported a significant rise in its net debt-to-EBITDA ratio and suspended shipments through the Black Sea due to a drone attack.
Consensus
- FESCO's net profit for the first half of the year was 36 million rubles.
- FESCO's revenue increased by 5% year-on-year.
- EBITDA decreased by approximately 34% year-on-year.
- The net debt of FESCO's parent company, DVMP, was 18.4 billion rubles as of June 30.
- The net debt to EBITDA ratio increased to 0.9x.
- Intermodal transport volume increased by 6% year-on-year.
- Foreign trade transport volume increased by 18% year-on-year.
- Coastal transport volume increased by 41% year-on-year.
- FESCO suspended new shipments through the Black Sea starting August 4.
- The suspension was due to a drone attack on the ship 'Yanina' on August 1, which sank but all 17 crew members were rescued.
Points of divergence
- The net profit decline was 95% year-on-year. — vedomosti
- The net profit decline was 19.7 times year-on-year (from 709 million to 36 million rubles). — kommersant
- The net debt to EBITDA ratio rose from 0.3x to 0.9x. — kommersant
- The net debt to EBITDA ratio was 0.9x, with a 17% decrease in net debt compared to December 31, 2025. — vedomosti
- FESCO is under the control of Rosatom with 92.5% ownership. — kommersant
- FESCO's parent company is DVMP, which operates the Far Eastern Maritime Shipping Company. — vedomosti
- FESCO's cost of sales increased by 19.2% year-on-year. — kommersant
- Freight rates on the China–Far East route remain significantly lower than in the same period of 2025. — vedomosti
Coverage (2 sources)
- Clean arrived Fesco in half a year fell by 95% — Ведомости
- Net profit of FESCO fell 19.7 times in the first half of the year — Коммерсантъ