COSCO SHIPPING Ports Limited has announced the First Quarter results of the Company and its subsidiaries for the three months ended 31 March 2024.
2024 First Quarter Results Highlights
- Total throughput increased by 9.8% YoY to 33,262,222 TEU
- Total equity throughput increased by 9.3% YoY to 10,507,302 TEU
- Total throughput from terminals in which the Group has controlling stakes
increased by 11.5% YoY to 7,423,080 TEU - Throughput from the Group's non-controlling terminals increased by 9.3% YoY to
25,839,142 TEU - Revenue of the Company increased by 1.4% YoY to US$332,716,000
- Profit attributable to equity holders of the Company increased by 0.6% to US$62,878,000
Financial review
In 1Q2024, COSCO SHIPPING Ports' revenue increased by 1.4% YoY to US$332.7
million. Cost of sales increased 3.0% YoY to US$245.1 million. Gross profit decreased
by 2.6% YoY to US$87.6 million, and gross profit margin decreased by 1.1pps to
26.3%. Share of profits from joint ventures and associated companies increased by
4.6% YoY to US$72.2 million. During the period, the profit attributable to equity
holders of the Company increased by 0.6% YoY to US$62.9 million.
Operational review
China
For the three months ended 31 March 2024, total throughput of the terminals in China increased by 11.4% YoY to 25,225,841 TEU (1Q2023: 22,650,786 TEU) and accounted for 75.8% of the Group's total throughput. Total equity throughput of terminals in China increased by 13.2% YoY to 7,506,619 TEU (1Q2023: 6,629,855 TEU), accounting for 71.4% of the Group's total equity throughput.
Bohai Rim
During the period, total throughput of the Bohai Rim region increased by 10.0% YoY to 11,610,844 TEU (1Q2023: 10,554,580 TEU) and accounted for 34.9% of the Group's total. Total equity throughput of the Bohai Rim region increased by 9.2% YoY to 3,077,242 TEU (1Q2023: 2,817,567 TEU) and accounted for 29.3% of the Group's total equity throughput. As the foreign trade market continues to recover, the total throughput of Dalian Container Terminal Co., Ltd. increased by 10.1% YoY to 1,206,782 TEU (1Q2023: 1,096,033 TEU).
Yangtze River Delta
During the period, total throughput of the Yangtze River Delta region increased by 15.0% YoY to 3,833,054 TEU (1Q2023: 3,333,179 TEU) and accounted for 11.5% of the Group's total. Total equity throughput of the Yangtze River Delta region increased by 18.9% YoY to 1,089,465 TEU (1Q2023: 916,590 TEU) and accounted for 10.4% of the Group's total equity throughput. With the recovery of foreign trade routes, the total throughput of Shanghai Mingdong Container Terminals Limited increased by 12.8% YoY to 1,629,750 TEU (1Q2023: 1,444,697 TEU).
For more information: 
Ricky NG
COSCO SHIPPING Ports Limited
Tel: 2809-8131
Fax: 2907-6088
Email: ricky.ng@coscoshipping.com