JSC “Novorossiisk Commercial Seaport”
Novorossiisk Commercial Seaport (NCSP) is the sixth largest port in Europe by cargo turnover and the largest port operator in Russia, handling some 18% of the country’s maritime foreign trade. It is favorably located on the non-freezing coast of the Black Sea in proximity to major industrial and agricultural areas. The company operates multi-cargo handling facilities, allowing for a broad range of cargo, including oil, grain, metals and containers. From the $700 mln capacity expansion program announced during the IPO, some $324 mln has been invested to date; five new cargo terminals were launched into operation.
In 2007, NCSP successfully tapped debt markets and went public via a $955 mln IPO in London. Its GDRs are listed on the London Stock Exchange and common shares trade on Russia’s RTS and MICEX.
NCSP’s consolidated IFRS revenues for 9m08 totaled $487.6 mln, EBITDA was $251.1 mln, and net income was $106.3 mln. Cargo turnover expanded 2.8% y-o-y in the period to 60.335 mln tonnes.