CIMC posts strong 2024 growth driven by containers

China International Marine Containers (CIMC Group) has reported its audited financial results for the year ending 31 December 2024. Total revenue reached approximately $24.7 billion (RMB 177.66 billion), a 39% year-on-year increase. Net profit attributable to shareholders rose by over 600%, reaching approximately $413 million (RMB 2.97 billion). Overseas markets accounted for 54% of total revenue, with domestic markets contributing 46%.

Container manufacturing© CIMC
The container manufacturing segment delivered record results, driven by increased global trade demand and supply chain disruptions. Sales of dry cargo containers rose 417% year-on-year, reaching 3.43 million TEUs. Reefer container sales increased by nearly 50%. The segment reported revenue of $8.64 billion (RMB 62.2 billion), up 106% from the previous year, and a net profit of $568 million (RMB 4.09 billion). The gross profit margin rose to 15.6%.

Offshore engineering
CIMC's offshore engineering division returned to profitability in 2024. Revenue rose 58% to $2.3 billion (RMB 16.56 billion), with a net profit of $31 million (RMB 224 million). The company secured $3.25 billion in new orders, the highest in its history, and ended the year with an order backlog of $6.92 billion, up 27%. Increased demand for floating production storage and offloading (FPSO) units and clean energy projects supported the rebound.

Logistics services
The logistics segment benefited from rebounding global trade and rising freight rates. Revenue reached $4.36 billion (RMB 31.39 billion), a 56% increase year-on-year. Net profit more than doubled to $61 million (RMB 437 million). CIMC Wetrans ranked third among Chinese firms on the 2024 Top 50 Ocean Freight Forwarders list by Transport Topics.

Road transport vehicles
CIMC Vehicles maintained its top market position in China's semi-trailer sector for the sixth consecutive year. Domestic sales grew by 12%, aided by restructuring and new energy vehicle development. However, overall revenue declined 16% to $2.92 billion (RMB 21 billion), and net profit fell to $150 million (RMB 1.08 billion), partly due to reduced performance in North America and the absence of one-time gains recorded in 2023.

Energy, chemical & liquid food equipment
Revenue in this segment rose slightly to $3.55 billion (RMB 25.58 billion), while net profit declined 14% to $102 million (RMB 732 million). Strong growth in clean energy, including LNG vehicle cylinders and marine orders, was offset by broader market fluctuations.

Outlook
CIMC plans to continue implementing its five-year strategic plan in 2025, focusing on clean energy, digitalisation, and expanding into Southeast Asia and the Middle East. The Group aims to balance growth with efficiency while enhancing technological capabilities and product competitiveness.

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