COSCO Shipping Ports profit attributable to shareholders up 85.2%

It plans to continue improving its 5G smart port as a part of its digital transformation.

COSCO Shipping Ports (CSP) announced an 85.2% increase in its profit attributable to shareholders for the first half of the year, at US$416.6m (approximately $1.36b). This is excluding the gains from the disposal of its Yangzhou Yuanyang terminal, Zhangjiagang terminal, and Jiangsu Petrochemical.

Revenue was up 24.8% to US$564.9m (approximately $4.4b).

“During the period, driven from the positive impact from our lean operations strategy and enhancement of sales and marketing, revenue growth outpaced the cost of sales growth, which fueled the growth of gross profit,” CSP said in a press release.

Gross profit was up 49.6% to US$148.3m (approximately $1.15b) whilst the gross profit margin was up 4.4 percentage points to 26.3%.

Moving forward, it plans to continue its total throughput growth, which as of the first half was at 62,710,707 TEU, up 8.8% year-on-year.

“The company will continue to optimize the global terminal network, provide support, and pivot for the container fleet of the parent company in the global routes network, to further leverage the synergy from the parent company and the OCEAN Alliance, strengthen the ship calls from other shipping alliances, promote the introduction of new routes, and strive for more routes to call at the company’s terminals so as to achieve the increase of the container volume,” it said.

CSP added that it will continue to improve the corporation information-based management capabilities and actively built 5G smart port.