Cosco Shipping Ports Limited, a ports logistics service provider, today announced the annual results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2024.
2024 FY results highlights
Total throughput increased by 6.1% year-on-year (YoY) to 144,032,722 TEU. Total equity throughput increased by 4.5% YoY to 45,318,318 TEU. Total throughput from terminals in which the Group has controlling stakes increased by 6.2% YoY to 32,655,388 TEU. Throughput from the Group's non-controlling terminals increased by 6.0% YoY to 111,377,334 TEU. Revenue of the Company increased by 3.3% YoY to USD 1,502,989,000. Profit attributable to equity holders of the Company decreased by 4.8% to USD 308,816,000. The Company declared a second interim dividend of USD 0.0184 per share (equivalent to approximately HKD 0.142 per share or USD 0.0181 per share.
Financial review
During 2024, the global port industry faced various challenges, such as changes in market demand, fluctuations in cargo throughput, and the Red Sea incident. Despite multiple challenges, the annual revenue of the Company amounted to USD 1,503.0 million, representing an increase of 3.3% YoY. The cost of sales was USD 1,086.2 million, which increased by 5.1% YoY. Gross profit was USD 416.8 million, marking a decrease of 1.0% YoY. The share of profits from joint ventures and associate companies amounted to USD 320.1 million, representing an increase of 7.5% YoY. During the year, profit attributable to equity holders of the Company was USD 308.8 million, reflecting a decrease of 4.8% YoY.
© Cocco Shipping
Market review
In 2024, despite facing challenges such as insufficient global economic growth momentum and intensified geopolitical conflicts, China's economy maintained overall stability. The steady development of new quality productive forces and advantages contributed to the consistent growth of China's foreign trade. According to statistics from the General Administration of Customs of China, the total value of China's imports and exports reached RMB 43.85 trillion in 2024, representing a YoY increase of 5.0%. Specifically, exports amounted to RMB 25.45 trillion, posting a YoY growth rate of 7.1%, while the amount of imports grew by 2.3% YoY to RMB 18.39 trillion.
Overall performance
Cosco Shipping Ports remains focused on its core operations in the ports sector, empowered by the "dual driver" strategy of "global expansion" and "lean operations," achieving steady improvements in operational quality and efficiency. In 2024, the Group's total throughput increased by 6.1% YoY to 144,032,722 TEU (2023: 135,808,554 TEU). Specifically, total throughput from terminals in which the Group has controlling stakes increased by 6.2% YoY to 32,655,388 TEU (2023: 30,762,095 TEU), accounting for 22.7% of the Group's total throughput, while the total throughput from non-controlling terminals increased by 6.0% YoY to 111,377,334 TEU (2023: 105,046,459 TEU), accounting for 77.3% of the Group's total throughput.
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© Cosco ShippingFor more information:Ricky NG
Cosco Shipping
Tel: +852 2809 8131
Email: ricky.ng@coscoshipping.com
www.ports.coscoshipping.com