COSCO SHIPPING International (Hong Kong)’s net profit increased by 16% YoY
On 23rd March, COSCO SHIPPING International (Hong Kong) announced its 2019 annual results. The profit attributable to equity holders of the Company increased by 16% YoY to HK$3.31 million. Basic earnings per share was 21.57 HK cents. The Board proposed a final dividend of 9.5 HK cents per share. Together with the interim dividend of 7 HK cents per share, the total dividends are 16.5 HK cents per share (2018:14 HK cents), representing a dividend payout ratio of 76.5% (2018: 75%).
In 2019, the global economy grew at a slower pace, while shipping enterprises and ship-owners were cautious about the capital expenditures, which put some pressure on the growth of the Group's businesses. In the face of adversities in the macro environment, the Group adhered to its positive attitude and was committed to the market expansion and cost control of business. The Group's coating segment recorded considerable growth, and the profit before income tax of the Group's marine fuel and other products segment recorded a YoY increase. Also, the finance income surged.