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Reshuffling Paid Off as All Listed Companies under COSCO SHIPPING Made Profits for Two Consecutive Years

Date:2019-04-09 Read times: font size:[ L M S ]

By the end of this March, 10 domestic and overseas listed companies under COSCO SHIPPING released  their annual results of 2018. All of them realized profitable, with total profits adding up to about 7 billion yuan (as the total profits of COSCO SHIPPING Ports and OOIL were incorporated into that of COSCO SHIPPING Holdings, they are not repeatedly calculated here). It was the second consecutive year after the reshuffling when all listed companies made profits.

Taking the opportunity of acquiring OOIL, COSCO SHIPPLING Holdings has implemented a dual-brand strategy. In 2018, it achieved a net profit of 1.23 billion yuan, with an overall performance above the industry average. In the second half of 2018, OOIL turned losses into profits and reported a net profit of 108 million dollars. As many overseas investment projects were implemented, COSCO SHIPPING Ports saw a significant rise of 57.6% in its revenue and its adjusted net profit climbed by 42.9% year on year to 325 million dollars. Actively responding to the downturn in the oil tanker market, COSCO SHIPPING Energy Transportation posted a net profit of 105 million yuan, and its LNG sector contributed an operating  profit of 410 million yuan, a year-on-year growth of 72.9%. The three business segments under COSCO SHIPPING Development expanded steadily, with a net profit of 1.386 billion yuan. The revenue of its container manufacturing business, among others, reported an increase of 33% over the same period of last year. The semi-submersible business of COSCO SHIPPING Specialized Carriers yielded favorable results, and its heavy lift vessel and timber ship sectors succeeded in turning around. The company recorded a full-year net profit of 86.07 million yuan. PPA’s net profit surged by 147% year on year to 27.9 million euros in 2018, the most profitable year after it went public. COSCO SHIPPING Technology made a net profit of 83.19 million yuan, maintaining a steady profit growth for several years in a row. As a result of improved management efficiency and business expansion, COSCO SHIPPING International (Hong Kong) raked in a net profit of 286 million HKD. COSCO SHIPPING International (Singapore) acquired a Singaporean logistics company in 2018, earning a net profit of 13 million Singapore dollars.

These performance data show that, confronted with escalating trade frictions and high oil prices last year, the listed companies have strived to make profits for the whole year. The data also reflect that the reshuffling, overseas M&As and capital operation projects of COSCO SHIPPING in the past few years, including acquisition of Greek Port of Piraeus, OOIL and a Singaporean logistics company, have all reaped favorable results.
Acquisition projects have not only created more development space for these companies, but also contributed profits to COSCO SHIPPING and returns to shareholders.


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