COSCO SHIPPING Ports Limited today announced interim results of the Company and its subsidiaries for the 6 months ended 30 June 2023.
2023 interim results highlights
- Total throughput increased by 2.2% YoY to 64,572,872 TEU
- Equity throughput increased by 1.3% YoY to 20,751,365 TEU
- Revenue decreased by 2.2% YoY to US$688.9 million
- Gross profit decreased by 2.0% YoY to US$193.8 million
- Share of profits from joint ventures and associates decreased by 4.1% YoY to US$153.6 million
- Profit attributable to equity holders of the Company decreased by 15.4% YoY to US$150.3 million
- Declared a first interim dividend of US1.744 cents per share, a decrease of 18.1% YoY
Financial review
In the first half of 2023, amidst a difficult and complicated external environment, continuous tightening of monetary policies in various countries, hiking interest rate, persistently high inflation and many other challenges, COSCO SHIPPING Ports continued to further implement its strategy of lean operations, focusing on improving quality and efficiency as well as controlling costs in terminal operations and management. In the first half of 2023, revenues of the Company amounted to US$688.9 million, decreased by 2.2% YoY, cost of sales was US$495.1 million, decreasing by 2.3% YoY. Gross profit margin was 28.1%, remaining unchanged compared to last year. During the period, profit attributable to equity holders of the Company was US$150.3 million, recording a decrease of 15.4% YoY.
Prospects
In the first half of 2023, the momentum of global economic growth continued to weaken due to factors such as the persistence of high inflation in major economies around the world, interest rate hikes in the United States, and a gradual shift in consumer spending towards service-oriented consumption, as well as increasingly tense geopolitical factors. According to the statistics of the General Administration of Customs, the total import and export value of China's trade in goods in the first half of the year amounted to RMB20.1 trillion, representing a YoY growth of 2.1%. Among them, exports amounted to RMB11.46 trillion with a YoY increase of 3.7%, while imports amounted to RMB8.64 trillion with a YoY decrease of 0.1%.
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For more information:
Ricky NG
COSCO SHIPPING Ports Limited
Tel: +86 2809-8131
Email: [email protected]
ports.coscoshipping.com
