Cosco Shipping Ports Limited, announced the interim results of the group for the 6 months ended 30 June 2024, with total throughput increasing by 8.2% to 69,858,501 TEU, Equity throughput increased by 6.3% YoY to 22,049,306 TEU, revenue of the company increased by 3.0% YoY to US$709,811,000, gross profit increased by 2.5% YoY to US$198,636,000, profit attributable to equity holders of the Company decreased by 7.4% YoY to US$139,215,000. The company declared a first interim dividend of $1.56 cents per share (equivalent to HK12.2 cents per share).
In the first half of 2024, as the global port industry was facing various challenges, such as fluctuations in cargo throughput, changes in market demand and the Red Sea incident, and their impacts, revenue of the Company increased by 3.0% YoY to US$709.8 million. Cost of sales increased 3.2% YoY to US$511.2 million. Gross profit increased by 2.5% YoY to US$198.6 million, and gross profit margin decreased by 0.1pp to 28.0%. Share of profits from joint ventures and associated companies increased by 1.1% YoY to US$155.4 million. During the period, the profit attributable to equity holders of the Company decreased by 7.4% YoY to US$139.2 million.
Operational review
China
During the period, total throughput of the terminals in China increased by 9.5% YoY to
53,335,822 TEU and accounted for 76.3% of the Group's total throughput. Total equity throughput of terminals in China increased by 9.1% YoY to 15,844,755 TEU , accounting for 71.9% of the Group's total equity throughput.
Overseas
During the period, total throughput in overseas terminals increased by 4.1% YoY to 16,522,679 TEU and accounted for 23.7% of the Group's total. Total equity throughput of overseas region decreased by 0.4% YoY to 6,204,551 TEU and accounted for 28.1% of the Group's total equity throughput. Affected by the Red Sea Incident, the total throughput of Piraeus Container Terminal Single Member S.A. decreased by 12.9% YoY to 1,958,108.
The Company quickly coordinated with OCEAN Alliance members to transfer some of the containers originally loading and unloading at Piraeus Terminal to CSP Zeebrugge Terminal NV and CSP Iberian Valencia Terminal, S.A.U., under the umbrella of Cosco Shipping Ports (Spain) Holding, S.L. and its subsidiaries, driving total throughput of CSP Zeebrugge Terminal to increase by 8.7% to 301,136 TEU. CSP Abu Dhabi Terminal L.L.C. continued to add several new routes, and its total throughput increased by 35.7% to 860,235 TEU.
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For more information:
Ricky NG
Cosco Shipping
Tel: +86 2809-8131
[email protected]
www.ports.coscoshipping.com