COSCO SHIPPING International (Hong Kong) Announces 2022 Interim Results

18 August 2022, Hong Kong - The board of directors of COSCO SHIPPING International (Hong Kong) Limited today announced the unaudited condensed consolidated results of the Company and its subsidiaries for the six months ended 30th June 2022.

 

Profit attributable to equity holders grew 4% YoY
 

In the first half of 2022, the global economy faced significant pressure due to the combined effects of geopolitics, the persistent COVID-19 pandemic, supply chain bottlenecks, high inflation and the reversal of the ultra-loose monetary environment. The resurgent outbreak of COVID-19 pandemic in China since the end of March this year led to setbacks in both supply and demand. In particular, the Yangtze River Delta, an economic hub, was severely affected as the domestic supply chain was disrupted and the manufacturing and export industries were hit. In such a circumstance, the Group’s profit before income tax from core business of shipping services decreased by 12% year-on-year. Nevertheless, with the implementation of effective cost control measures and the increase in net exchange gains, the Group achieved year-on-year growth in net profit, highlighting the excellent countercyclical and resilience properties of COSCO SHIPPING International (Hong Kong) in terms of operational efficiency, profitability, stable growth and capability.

 

During the period, profit attributable to equity holders of the Company was HK$165,587,000 (2021: HK$159,592,000), while the basic and diluted earnings per share was 10.80 HK cents (2021: 10.41 HK cents), representing an increase of 4% as compared to the same period of last year.

 

Dividends up 10% YoY, Payout ratio increases to 102%
 

The Board has declared an interim dividend of 11 HK cents per share for the six months ended 30 June 2022, representing a payout ratio of 102% (2021: 96%).

 

The Board decided to increase the interim dividend that denoted the ample financial resources of the Company and highlighted the long Company's long-standing commitment to maximize shareholders' return as well as share with shareholders the beneficial outcomes from the growth of the Company's core businesses. COSCO SHIPPING International (Hong Kong) will adhere to its commitment of maximizing shareholders' return by promoting operational efficiency and capital optimization.

 

Looking ahead, taking the shipping service industrial cluster as its strategic development direction, COSCO SHIPPING International (Hong Kong) will continue to fully leverage its professional advantages in the shipping service industry, strengthen efforts to explore new energy shipping and the digitization of shipping services, and shoulders the responsibility of supporting the shipping industry to move towards green shipping, digital development, contribution to the industrial layout, enhancing efficiency for shipping enterprises and ship owners, and creating long-term sustainable value for the Shareholders. While supporting the overall operation of the Group's industrial chain, we will facilitate business development outside the COSCO SHIPPING Group, further promote the extension of the shipping service industry chain, adhere to the concept of customer-driven, value-based marketing and market-oriented operation, implement service extension and fill the gaps in services, expand market share with service quality, and continue to inject vitality for the Company's development.

Source: COSCO SHIPPING International

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