COSCO SHIPPING International (Hong Kong) announces 2024 interim results

The Board of Directors (“the Board”) of COSCO SHIPPING International (Hong Kong) Limited (“COSCO SHIPPING International (Hong Kong)” or the “Company”) on August 23, 2024 announced the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the “Group’’) for the six months ended 30th June 2024.

Basic and Diluted Earnings per Share
In the first half of 2024, profit attributable to equity holders of the Company was HK$388,041,000 (2023: HK$335,917,000), while the basic and diluted earnings per share was 26.47 HK cents (2023: 22.69 HK cents), representing an increase of 17% as compared to the same period of last year.

Profit attributable to equity holders recorded significant increase, mainly attributable to significant increase in interest income and in the share of profit of a joint venture (Jotun COSCO). Meanwhile, the operational efficiency of the Group’s core shipping services business significantly improved. During the period, interest income increased 16% YoY to HK$140,095,000 (2023: HK$120,495,000), share of profit of Jotun COSCO increased by 30% YoY to HK$141,466,000(2023: HK$108,560,000). Profit before income tax from core business of shipping services increased by 23% YoY to HK$326,762,000.

Interim Dividends per Share of HK$0.265, Payout ratio of 100%
The Board has declared an interim dividend of 26.5 HK cents (2023: 22.5 HK cents) per share for the six months ended 30th June 2024, representing a payout ratio of 100%.

Since 2020, the dividend payout ratio of the Company has been improved to approximately 100% that demonstrated the Company’s determination to enhance shareholder returns in the long run. COSCO SHIPPING International (Hong Kong) will pursue its business philosophy of maximizing shareholder returns and strive to move forward with our shareholders.

Looking forward, the global shipping industry will usher in accelerated digitalization and transformation towards new and green energy, which will create astonishing growth potential for COSCO SHIPPING International (Hong Kong). COSCO SHIPPING International (Hong Kong) aims to become a technology-based shipping service company as its strategic development direction, and strives to seize strategic development opportunities for green, low-carbon and intelligent vessels. We will focus on building robust and efficient platforms, i.e. the green and digital intelligent shipping services platform and the marine green new energy platform, to facilitate higher-quality development of the shipping industry on the new track of green, low-carbon and digital economy.