On March 8, COSCO SHIPPING Holdings released its annual performance bulletin for 2020.
In 2020, the company achieved a total revenue of 171.258 billion yuan, with a year-on-year growth of 13.37%; Net profit attributable to shareholders of the listed company reached 9.927 billion yuan, up 46.76% year on year; Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 9.593 billion yuan, up 505.1% year on year.
The financial data published in this dispatch is preliminary accounting data, which may differ from the data disclosed in COSCO's 2020 annual report, but the difference is expected to be no more than 10%.
Analysts at Sea-Intelligence had predicted that 2020 would far outperform 2019 and be the best year for liner companies in nearly a decade.
Based on rising rates and changes in freight volumes, the agency expects big liner companies to earn $14.2bn before interest and tax in 2020.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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