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COSCO SHIPPING International (Hong Kong)’s net profit increased by 16% YoY

Date:2020-03-25 Read times: font size:[ L M S ]

On 23rd March, COSCO SHIPPING International (Hong Kong) (stock code: 00517.HK) 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.

Looking ahead, by leveraging on the strength and brand value of its parent company, COSCO SHIPPING, the Group will proactively participate in the national strategic plan of China with focus on key development areas including the Guangdong-Hong Kong-Macao Greater Bay Area and the China (Hainan) Pilot Free Trade Zone. Aiming to be a world leading shipping services company, we will strive for the implementation of the Company's two major strategies, namely " unified operational platform for shipping services industrial cluster " and  " the non-financial business investment platform ", and build up the core competitiveness of shipping services industrial cluster.

 


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