Cosco Shipping Ports announces full year results for 2019
Cosco Shipping Ports Limited, announced full year results of the company and its subsidiaries for the year ended 31December2019, the company said in its release.
Excluding one-off gain from QPI transactions last year and impact from the New Lease Standard, adjusted net profit rose by 8.1% to US$351 million
In spite of uncertainties casted over the global trade, COSCO SHIPPING Ports continued to implement strategy effectively by leveraging on the synergistic advantages in 2019. Backed by the increased calls from the shipping alliances at COSCO SHIPPING Ports’ container terminals and the contributions from newly acquired terminals, total throughput increased by 5.5% to 124 million TEU. Among them, total throughput from subsidiaries increased by 11.5% to 25.1 million TEU；total equity throughput increased by 7.0% to 39.7 million TEU.
In 2019, total throughput of the Greater China region increased by 3.4% to 95.79 million TEU in 2019 and accounted for 77.4% of COSCO SHIPPING Ports’ total. Total throughput of overseas portfolio increased by 13.0% to 27.99 million TEU and accounted for 22.6% of COSCO SHIPPING Ports’ total. Supported by increased calls from the OCEAN Alliance and THE Alliance, throughput of CSP Piraeus Container Terminal (PCT) increased by 17.0% to 5.16 million TEU. With two new berths added in January 2019 in response to increasing regional demand, throughput of Singapore’s COSCO-PSA Terminal remain stable and increased by 56.7% to 5.01 million TEU.
COSCO SHIPPING Ports continues to improve operation and management capabilities, enhance customer services experience, and gradually deploy the Navis N4 system to its terminals in the future. At present, CSP Zeebrugge Terminal and Lianyungang New Oriental Terminal have successfully launched the Navis N4 system, which further strengthens the efficiency of terminal operations and enhance cost saving effects.
On 3 April 2019, the Company signed an investment agreement with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau to invest in the supply chain base project of COSCO SHIPPING Ports in Nansha District, Guangzhou, with a view to build up a port supply chain platform, develop mid to high-end warehousing and related businesses, and extend to upstream and downstream industries. Looking ahead, apart from Guangzhou, the Company will develop its terminal extended business to Abu Dhabi, Nantong, Xiamen, Wuhan and other regions to further improve its profitability.