COSCO SHIPPING International Hong Kong : 2020 Annual Results

RESULTS AND OPERATION HIGHLIGHTS

. Profit attributable to equity holders increased by 2% to HK$338,523,000, mainly due to the increase in the profits of core business of shipping services, which was partially offset by the decrease in finance income.

. Revenue increased by 5% to HK$3,442,894,000, mainly attributable to the increase in revenues from all core business segments.

. Gross profit increased by 13% to HK$628,531,000. Gross profit margin increased to 18% which was mainly attributable to the improvement in performance of coatings business.

. Profit before income tax from core business of shipping services increased by 33% to HK$363,305,000.

. Basic and diluted earnings per share were 22.08 HK cents (2019: 21.57 HK cents). The Board has recommended the payment of a final dividend of 15.5 HK cents per share. Together with the interim dividend of 6.5 HK cents per share, total dividends per share are 22 HK cents. The dividend payout ratio is approximately 100%.

. The Group had net cash (represented total restricted bank deposits and current deposits and cash and cash equivalents, less short-term borrowings) of HK$6,429,536,000 as at 31st December 2020.

The board of directors (the ”Board” or the ”Director(s)”) of COSCO SHIPPING International (Hong Kong) Co., Ltd. (the ”Company” or ”COSCO SHIPPING International (Hong Kong)”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the ”Group”) for the year ended 31st December 2020.
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Source: COSCO SHIPPING