COSCO achieved net profits of 97.2 billion yuan and ordered 12 24,000 TEU methanol container ships Xinde Marine News 2022-10-31 08:46

(28 October 2022, Shanghai) – COSCO SHIPPING Holdings Co., Ltd., announced the third quarter results for the three months ended 30 September 2022.
In the first three quarters of 2022, COSCO SHIPPING Holdings faced multiple challenges, including recurrent COVID-19 infections, ongoing geopolitical tensions and the global supply chain disruptions. It adhered to the customer-centric approach, actively responded to the changing global economy and trade, took innovative measures to safeguard the stability of supply chain, and made continued efforts to reduce cost, increase efficiency, prevent and control risks. During the Reporting Period, the revenue per TEU from the Company's container shipping routes increased significantly year from a year ago, and its overall results grew remarkably when compared with the same period last year.
The Company's key result indicators for the first three quarters are as follows:
·The Company's earnings before interest and tax (EBIT) were RMB143.61 billion, representing an increase of 49.92% year-on-year; net profit amounted to RMB140.91 billion, representing an increase of 51.40% year-on-year; profit attributable to equity holders was RMB97.22 billion, representing an increase of 43.74% year-on-year. It financial results were outstanding.

·Revenue from the Company's container shipping routes was RMB297.72 billion, representing an increase of 38.35% year-on-year; revenue per TEU from international routes was USD2,876.04/TEU, representing an increase of 47.96% year-on-year. Revenue per TEU from the Company's container shipping routes remained stable.

·Basic earnings per share were RMB6.06.

·As at the end of 30 September 2022, the Company’s asset-liability ratio was 50.09%, representing a decrease of 6.59 percentage points compared with the end of last year while it further optimized the financial structure.
As the container shipping market gradually resumed normal, COSCO SHIPPING Holdings insisted on its functional role as “the container shipping-based global digital supply chain operation and investment platform”, and continued to accelerate the development of green and low-carbon, whole-process supply chain, and digitalized shipping business. These not only reflected the strong resilience of the Company's operations, but also laid a solid foundation for its future growth.
As for green and low-carbon development, the Company actively responded to the green low-carbon proposal from global customers and has recently placed an order for building 12 methanol dual-fuel container ships with the capacity of 24,000 TEU each, which opening a new era of green development for its container fleet. In terms of business layout for the whole supply chain process, the Company improved the quality of operations and earnings, effectively stabilized cyclical risks and strived to create a world-class global integrated logistics supply chain service ecosystem through various measures, including the acquisition of equity interests in Shanghai International Port (Group) and Guangzhou Port, the introduction of SAIC Corporation as a strategic investor, the acquisition of equity interests in COSCO SHIPPING Supply Chain, and official operation of the Supply Chain Logistics Division. As for shipping digitalization, the blockchain and Internet of Things technologies were increasingly used to meet customers' demand for intensive, green and low-carbon services. Moreover, the Company upgraded its e-commerce platform Syncon Hub and launched digital full-chain products, providing customers with various supply chain services such as shipping, land transportation, customs declaration, warehousing and distribution. The Company persistently pursued the transformation and development of its digital supply chain.
In the future, COSCO SHIPPING Holdings will further promote its transformation from container shipping routes operation to the operation of entire container shipping supply chain, make relentless efforts to provide customers with more diversified and customized green and low-carbon digital supply chain solutions comprising “container shipping + ports + related logistics services”, and strive to enhance the Company's risk management capability and core competitiveness.

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.

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