Russia's Fesco Sees Higher Revenue In 2020, More Investment In 2021
- Fesco sees 2020 revenue up by around 8%.
- The company plans to invest $77 million in 2021 compared to $56 million in 2020.
Russian shipping group Fesco expects revenue growth in 2020 and plans to invest around $77 million in business development in 2021, company's president Arkadiy Korostelev told reporters:
Fesco sees 2020 revenue up by around 8%
In 2019, the company reported a revenue of 56.67 billion roubles, a net loss of 1.84 billion roubles and EBITDA of 12.2 billion roubles
Fesco expects to return to net profit in 2020, Korostelev said
The company plans to invest $77 million in 2021 compared to $56 million in 2020
The investment will be allocated for the development of the company's rail unit, dry terminals and port infrastructure, he said
"We are now engaged in talks with VTB to refinance our debt and change the loan repayment schedule so that we could focus on developing the group's assets and invest in new projects," said Korostelev, adding that the company is discussing additional financing for this purpose with VTB
Fesco has not disclosed the amount of its debt to VTB Bank , its largest creditor
Net debt/EBITDA ratio is expected to stand at 2.8X by the end of 2020, Korostelev said.
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