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COSCO Shipping Ports announces 2023 Annual Results

'In 2023, the company continued to further implement its strategy of lean operations'

COSCO Shipping Ports Limited has announced the annual results of the Company and its subsidiaries, ended 31 December 2023.

2023 FY results - highlights

  • Total throughput increased by 4.4% YoY to 135,808,554 TEU
  • Total equity throughput increased by 3.1% YoY to 43,381,201 TEU
  • Total throughput from terminals in which the Group has controlling stakes decreased by 2.7% YoY to 30,762,095 TEU
    Throughput from the Group's non-controlling terminals increased by 6.7% YoY to
    105,046,459 TEU
    Revenue of the Company increased by 0.9% YoY to US$1,454,353,000
  • Profit attributable to equity holders of the Company increased by 5.8% to US$324,557,000
  • Declared a second interim dividend of US1.988 cents per share (equivalent to
    HK15.5 cents per share)

Financial review
In 2023, COSCO SHIPPING Ports continued to further implement its strategy of lean operations, focusing on improving quality and efficiency. Annual revenue of the Company amounted to US$1,454.4 million, increased by 0.9% YoY, cost of sales was US$1,033.5 million, increased by 2.2% YoY. Gross profit was US$420.9 million, decreased by 2.1% YoY, and gross profit margin decreased by 0.9bps to 28.9%. Share of profits from joint ventures and associates companies amounted to US$297.9 million, decreased by 3.3% YoY. During the period, profit attributable to equity holders of the Company was US$324.6 million, increased by 5.8% YoY.

Market review
2023 was a year of economic recovery following three years of COVID pandemic, however the slow pace of the recovery of the global economy, overall lackluster performance in global trade, as well as low external demand have brought challenges for growth in China's exports. Despite these difficulties and challenges, the overall performance of China's external trade was decent, maintaining a stable market share internationally. According to the statistics from the General Administration of Customs of China, the total value of China's imports and exports in 2023 was RMB41.76 trillion, posting a YoY growth rate of 0.2%. The amount of exports grew by 0.6% YoY to reach a new record high of RMB23.77 trillion.

The International Monetary Fund (IMF) released its latest World Economic Outlook report on 30 January 2024, estimating that the global economy will grow by 3.1% this year. Although the global economy continues to show resilient growth and inflation is declining steadily, the pace of economic growth remains slow, posing certain challenges to China's export growth. However, against the backdrop of global carbon neutrality, new structural highlights of China's exports continued to emerge.

Click here to read the full PR.

For more information:
Ricky NG
Tel: +852 2809-8131
Fax: +852 2907-6088

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