OOIL profit drops to $10.7m in 2023

Group revenue for the year stood at $60.25m.

The Orient Overseas (International) Limited (OOIL) reported a profit of $10.7m (US$1,367.9m) for 2023, down from $77.92m (US$9,965.2m) in 2022. 

Group revenue for the year stood at $60.25m (US$8,344m).

“The exceptionally robust container shipping market that we witnessed during the pandemic is now far behind us, and we have returned to a rather normal yet uncertain year 2023,” the company stated.

“Looking ahead, the shipping market remains uncertain.  The global economy seems to be recovering, but the pace may be slow and with uncertainties,” it added.

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The board of directors proposed a dividend of approximately $5.34b (US$687m) for 2023, with a final dividend of $1.13 (US$0.145) per ordinary share and a second special dividend of $0.28 (US$0.036) per ordinary share.

Earnings per ordinary share also dropped to $16.2 (US$2.07) from $118 (US$15.09).