August 29, 2023, COSCO Shipping Ports Co., Ltd. today announced the company and its subsidiaries as of June 30, 2023 six months of interim results.
2023 Interim Results Summary
Total throughput rose 2.2 percent YoY to 64,572,872 TEUs
Equity throughput rose 1.3 percent YoY to 20,751,365 TEUs
Revenue down 2.2 percent year-over-year to 688.9 million million dollars
Gross profit declined 2.0 percent year-over-year to 193.8 million U.S. dollars
Should account for joint venture company and associated company profits decreased by 4.1 to 153.6 million US dollars
Company's profit attributable to equity holders fell 15.4 percent year-over-year to $150.3 million.
Announced first interim dividend of 1.744 cents per share, down 18.1 per cent
Financial Review
the first half of 2023, under many challenges such as complex and severe external environment, continuous tightening of monetary policies in various countries, rising interest rates and high inflation, COSCO Shipping Port continued to deepen its lean operation strategy and focused on improving quality and efficiency in terminal operation management. In the first half of the year, the company realized revenue of US $688.9 million, down 2.2 from the same period last year, sales cost of US $495.1 million, down 2.3 from the same period last year, and gross profit margin of 28.1. During the period, the profit attributable to equity holders of the Company was US $150.3 million billion, down 15.4 per cent from the same period last year.
Business Review
China
During the period, the total throughput of terminals in China increased by 2.4 year-on-year to 48,703,766 TEUs (same period in 2022: 47,562,593 TEUs), accounting for 75.4 of the Group's total throughput. China Terminal's equity throughput increased by 1.8 YoY to 14,519,336 TEUs (same period in 2022: 14,259,249 TEUs), accounting for 70.0 of the Group's equity throughput.
Overseas regions
During the period, the total throughput of overseas regions increased by 1.4 to 15,8 69,106 TEUs (same period in 2022: 15,647,737 TEUs), which remained stable overall, accounting for 24.6 of the Group's total throughput, and the total throughput accounted for the second largest region in the Group's portfolio. Equity throughput in overseas regions was essentially unchanged from the previous year to 6,232,028 TEUs (same period 2022: 6,234,763 TEUs), accounting for 30.0 of the Group's equity throughput. CSP Abu Dhabi Terminal's position as a hub port in the Middle East has gradually emerged, with total throughput up 53.5 percent year-on-year to 633,883 TEUs (same period in 2022: 413,057 TEUs).
Source: COSCO official website