SHIPPING & MARINE | Staff Reporter, Hong Kong

SITC profit up 59.7% for 2020

The logistics giant reported a US$353.7m profit.

Profits of intra-Asia logistics giant SITC International Holdings soared by 59.7% in 2020.

In a recent bourse disclosure, SITC reported a net profit of US$353.7m for 2020, about US$132.2m more than the US$221.5m reported in the previous year.

SITC attributed its profits to its company's expansion during the pandemic, with China's production recovering in the second half of the year.

As of year-end, SITC operates in 72 trade lanes and 73 ports across the region, with a fleet of 90 vessels and 26 chartered vessels. It has approximately 1,190,00 m2 of depot and 74,000 m2 of warehousing space.

"With continuous business expansion, the Group will continue to optimize its unique business model and expand its Asia service network. At the same time, the Group will optimize its own fleet structure by capturing vessel price dynamics, so as to keep pace with the development of the business and secure a long-term cost-competitive position," SITC said in the disclosure.

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