COSCO SHIPPING Ports Limited today announced the interim results of the Company and its subsidiaries (the “Group”) for the 6 months ended 30 June 2021.
2021 Interim Results Highlight
- Revenue increased by 24.8% YoY to US$564.9 million
- Gross profit increased by 49.6% YoY to US$148.3 million
- Share of profits from joint ventures and associates increased by 36.1% YoY to US$175.2 million
- Profit attributable to equity holders of the Company was US$175.6 million, an increase of 85.2% (excluding one-off items)
- Declared first interim dividend of US$2.12cents per share, an increase of 2.5% yoy
Financial review
COSCO SHIPPING Ports continued to grasp the opportunity of the rebound of trade demand. Business maintained the strong momentum and recorded a robust growth of throughput in 1H2021. Excluding one-off gain from disposal of Yangzhou Yuanyang Terminal, Zhangjiagang Terminal and Jiangsu Petrochemical, profit attributable to equity holders of the Company increased by 85.2% YoY to US$175.6 million.
The revenue for 1H2021 was up 24.8% YoY to US$564.9 million. The cost of sales increased 17.8% YoY to US$416.6 million. During the period, driven from the positive impact from our lean operations strategy and enhancement of sales and marketing, revenue growth outpaced cost of sales growth, which fueled the growth of gross profit.
The gross profit in the first half of 2021 was up by 49.6% YoY to US$148.3 million. Gross profit margin was up 4.4 percentage point to 26.3%. Share of profits from joint ventures and associates during the period increased by 36.1% YoY to US$175.2 million.
Operational review
- Total throughput was 62,710,707 TEU, +8.8% YoY
- Total equity throughput was 19,465,295 TEU, +7.7% YoY
- Total throughput from subsidiaries was 11,362,835 TEU, +8.2% YoY
Outlook
As the global economy has started to show signs of recovery, imports and exports of China recorded strong performance for the first half of 2021 and trade and economic activities are expected to further improve, driving shipping industry’s prosperity into an upward cycle.
Leveraging on the leading position in the global ports operator industry, the Company actively grasped development opportunities to enhance business scale and improve in both earnings and quality through its latest strategy of the two-wheel drive of “building global terminal network” and “lean operations”.
On the back of our growth strategy, we are committed to pursuing our total throughput growth in 2021 to outpace our peers. The Group will be able to leverage on its ample cash to maintain a stable financial position and facilitate sustainable development, which will also support its dividend policy in 2021.
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For more information:
Ricky NG
COSCO SHIPPING Ports Limited
Tel: +852 2809-8131
Fax: +852 2907-6088
Email: [email protected]
