COSCO SHIPPING Ports revenues down 2.2% in H1 2023
COSCO SHIPPING Ports Limited, one of the world’s leading ports operators, today announced interim results of the company and its subsidiaries for the 6 months ended 30 June 2023.
In the first half of 2023, revenues of the company amounted to US$688.9 million, decreased by 2.2% YoY, cost of sales was US$495.1 million, decreasing by 2.3% YoY. Gross profit margin was 28.1%, remaining unchanged compared to last year. During the period, profit attributable to equity holders of the company was US$150.3 million, recording a decrease of 15.4% YoY.
During the period, total throughput of terminals in China increased by 2.4% YoY to 48,703,766 TEU (1H2022: 47,562,593 TEU), accounted for 75.4% of the Group's total throughput. Equity throughput of terminals in China increased by 1.8% YoY to 14,519,336 TEU (1H2022: 14,259,249 TEU), accounted for 70.0% of the Group's equity throughput.
During the period, total throughput of the Bohai Rim region increased by 8.4% YoY to 22,515,008 TEU (1H2022: 20,767,708 TEU), accounted for 34.9% of the Group's total throughput, which is the region with the largest share of total throughput in the Group's portfolio. Equity throughput in the Bohai Rim region increased by 5.1% YoY to 6,105,704 TEU (1H2022: 5,809,679 TEU), accounted for 29.4% of the Group's equity throughput.
Dalian Container Terminal Co., Ltd.'s total throughput increased by 20.6% YoY to 2,255,129 TEU (1H2022: 1,869,273 TEU), benefiting from the growth of new routes.
Yangtze River Delta During the period, total throughput of the Yangtze River Delta region increased by 8.9% YoY to 7,059,244 TEU (1H2022: 6,483,243 TEU), accounted for 10.9% of the Group's total throughput. Equity throughput in the Yangtze River Delta region increased by 7.6% YoY to 1,954,690 TEU (1H2022: 1,817,298 TEU), accounted for 9.4% of the Group's equity throughput. In view of the steady recovery of the economy in the Yangtze River Delta region, the total throughput of Shanghai Mingdong Terminal increased by 25.9% YoY to 2,968,418 TEU (1H2022: 2,358,620 TEU).
During the period, total throughput in the Southeast Coast and others region decreased by 15.3% YoY to 2,777,699 TEU (1H2022: 3,280,185 TEU), accounted for 4.3% of the Group's total throughput. Equity throughput in the Southeast Coast and others region increased by 2.9% YoY to 1,895,617 TEU (1H2022: 1,841,317 TEU), accounted for 9.2% of the Group's equity throughput. Mainly due to the weak global demand, the total throughput of Xiamen Ocean Gate Terminal decreased by 12.1% YoY to 1,237,070 TEU (1H2022: 1,407,182 TEU). The increase in equity throughput in the Southeast Coast and others region was mainly attributable to the company's acquisition of a 30% equity interest in Xiamen Ocean Gate Terminal in the first half of the year, in which the company now holds a 100% equity interest.
During the period, total throughput of the Pearl River Delta region decreased by 8.1% YoY to 12,744,315 TEU (1H2022: 13,866,357 TEU), accounted for 19.7% of the Group's total throughput. Equity throughput in the Pearl River Delta region decreased by 6.6% YoY to 3,712,829 TEU (1H2022: 3,974,883 TEU), accounted for 17.9% of the Group's equity throughput.
The total throughput of COSCO SHIPPING Ports Limited 3 Guangzhou South China Oceangate Terminal decreased by 5.7% YoY to 2,652,926 TEU (1H2022: 2,814,568 TEU), mainly due to declining demand from Europe and the United States leading to the pressure on foreign trade exports.
During the period, total throughput in the Southwest Coastal region increased by 14.0% YoY to 3,607,500 TEU (1H2022: 3,165,100 TEU), the fastest-growing region in terms of total throughput within the Group's portfolio, accounted for 5.6% of the Group's total throughput, which is an ever-increasing share. Equity throughput in the Southwest Coastal Region increased by 4.2% YoY to 850,495 TEU (1H2022: 816,072 TEU), accounted for 4.1% of the Group's equity throughput. The increase in throughput was mainly attributable to the entry into force of the Regional Comprehensive Economic Partnership (RCEP) and the development of the regional economy in the ports’ hinterland, which drove the rapid growth in throughput of the Beibu Gulf Port on the back of new western land-sea corridor.
During the period, total throughput from overseas increased by 1.4% YoY to 15,869,106 TEU (1H2022: 15,647,737 TEU), which was overall quite stable and accounted for 24.6% of the Group's total throughput, making it the second largest region in the Group's portfolio in terms of total throughput. Overseas equity throughput remained stable YoY at 6,232,028 TEU (1H2022: 6,234,763 TEU), accounted for 30.0% of the Group's equity throughput, while CSP Abu Dhabi Terminal's position as a hub port in the Middle East region gradually became more prominent, with total throughput increasing by 53.5% YoY to 633,883 TEU (1H2022: 413,057 TEU).
COSCO SHIPPING Ports Limited is one of the leading ports operators in the world; its terminals portfolio covers the five main port regions and the middle and lower reaches of the Yangtze River in China, Europe, the Mediterranean, the Middle East, Southeast Asia, South America and Africa, etc. As at 30 June 2023, CSP operated and managed 371 berths at 38 ports worldwide, of which 224 were for containers, with an annual handling capacity of approximately 123 million TEU. COSCO SHIPPING Ports has adopted "The Ports for ALL" as its mission and is working towards building a global terminal network with controlling stake that offers linkage effects on costs, services and synergies, a synergistic platform that offers mutual benefits to all in the shipping industry, connecting global routes and becoming truly "the ports for all people".
