Cosco Shipping Ports Limited the world’s leading ports operator, today announced full-year results of the company and its subsidiaries for the year ended 31 December 2020.
2020 Fourth Quarter Results Highlight
- Revenue increased by 9.0% YoY to US$277.9 million
- Gross profit increased by 19.4% YoY to US$63.0 million
- Share of profits from joint ventures and associates increased by 24.1% YoY to US$64.0 million
- Net profit rose by 11.0% YoY to US$98.2 million
2020 Full-year Results Highlight
- Revenue reduced by 2.6% YoY to US$1,000.6 million
- Gross profit reduced by 14.7% YoY to US$232.6 million
- Share of profits from joint ventures and associates increased by 2.0% YoY to US$272.7 million
- Net profit rose by 12.8% YoY to US$347.5 million
- Net debt-to-total-equity ratio reduced by 7.2 percentage points to 26.8%
- Declared a second interim dividend of US 2.256 cents per share (equivalent to HK 17.5 cents per share), up 11.2% when comparing with 2019 final dividend of US2.028 cents per share (equivalent to HK15.7 cents per share). The Company declared a higher dividend on the back of satisfactory results in 2020 despite challenges brought by the COVID-19 Epidemic.
FINANCIAL REVIEW
The net profit for the fourth quarter of 2020 was up 11.0% YoY to US$98.2 million, maintaining the recovery momentum. The satisfactory net profit for the fourth quarter was mainly driven by stronger revenue and satisfactory cost reduction.
The revenue for the fourth quarter of 2020 was up 9.0% YoY to US$277.9 million. The gross profit in the fourth quarter was up by 19.4% YoY to US$63.0 million. Apart from revenue growth, cost reduction was another driver to fuel the growth in gross profit. The cost of sales in the fourth quarter only increased by 6.2% YoY, compared to the revenue growth of 9.0% YoY. It showed the positive impact from our lean operations strategy. Share of profits from joint
ventures and associates in the fourth quarter increased by 24.1% YoY to US$64.0 million.
Although the epidemic has negatively affected our financial results in first half of 2020, the Company saw strong recovery momentum in the second half of the year. As a result, the full-year revenue in 2020 only slightly declined by 2.6% YoY to US$1000.6 million. The 2020 net
profit rose by 12.8% YoY to US$ 347.5 million. Stripping off the terminal profit and disposal gain of Nanjing Longtan Terminal, Yangzhou Yuanyang Terminal, Zhangjiagang Terminal and Jiangsu
Petrochemical, the net profit amounted to US$278.9 million in 2020, up 1.4% YoY.
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For more information:
Ricky NG
COSCO SHIPPING Ports Limited
Tel: +86 2809-8131
Fax: +86 2907-6088
Email: ricky.ng@coscoshipping.com
Moriz YUTSOI
Tel: +86 2809-8020
Fax: +86 2907-6088
Email: moriz.yutsoi@coscoshipping.com
Web: ports.coscoshipping.com