COSCO SHIPPING Ports Limited, a prominent global ports operator, today announced the first quarter results of the Company and its subsidiaries for the 3 months ended 31 March 2022.
2022 First Quarter Results Highlight
- Revenue increased by 24.2% YoY to US$329.7 million
- Gross profit increased by 30.5% YoY to US$80.9 million
- Share of profits from joint ventures and associates increased by 1.9% YoY to US$82.5 million
- Profit attributable to equity holders of the Company increased by 2.6% YoY to US$74.9 million
Financial review
COSCO SHIPPING Ports’ 1Q2022 revenue increased by 24.2% YoY to US$ 329.7 million which was driven by the effective sales and marketing strategy and contribution of subsidiary of Tianjin Container Terminal since December 2021(as an associate of the Company in 1Q2021). Gross Profit increased by 30.5% YoY to US$80.9 million. Benefitting from lean operation strategy, revenue growth of the Company outpaced cost of sales growth, which boosted gross profit margin increased by 1.1 percentage points YoY to 24.5%. During the period, profit attributable to equity holders of the Company increased by 2.6% YoY to US$74.9 million.
Operational review
2022 First Quarter
- Total throughput was 30,291,588 TEU, +0.3% YoY
- Total equity throughput was 9,859,095 TEU, +6.1% YoY
- Total throughput from subsidiaries was 7,487,432 TEU, +39.5% YoY
Greater China
For the three months ended 31 March 2022, total throughput of the Greater China region decreased by 3.6% YoY to 22,520,167 TEU (1Q2021: 23,228,766 TEU), accounting for 74.3% of the Group’s total.
Bohai Rim
For the three months ended 31 March 2022, total throughput of the Bohai Rim region decreased by 4.0% YoY to 9,539,494 TEU (1Q2021: 9,933,430 TEU), accounting for 31.5% of the Group’s total. The throughput of Tianjin Container Terminal remained stable and increased slightly by 0.4% YoY to 1,935,578 TEU (1Q2021: 1,927,584 TEU). Impacted by the COVID-19 pandemic, the throughput of Yingkou Container Terminals Company Limited and Yingkou New Century Container Terminal Co., Ltd. decreased by 28.7% YoY to 435,574 TEU (1Q2021: 610,596 TEU).
Yangtze River Delta
For the three months ended 31 March 2022, total throughput of the Yangtze River Delta region decreased by 3.3% YoY to 3,557,167 TEU (1Q2021: 3,679,444 TEU) and made up 11.8% of the Group’s total. Shanghai Pudong International Container Terminals Limited actively introduced new shipping routes and its throughput increased by 11.2% YoY to 662,020 TEU (1Q2021: 595,566 TEU). Impacted by the COVID-19 pandemic, throughput of Nantong Tonghai Port Co., Ltd. decreased by 15.4% YoY to 296,842 TEU (1Q2021: 350,707 TEU).
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For more information:
Ricky NG
COSCO SHIPPING Ports Limited
Tel: +852 2809-8131
ricky.ng@coscoshipping.com