COSCO SHIPPING Development (601866) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 8.11 billion, up 68.69% year-over-year, driven by increased container market demand and higher sales volume.

• Net profit attributable to shareholders for Q3 was RMB 485.52 million, a 368.54% increase year-over-year.

• Year-to-date revenue totaled RMB 19.87 billion, up 88.76% from the same period last year.

• Net profit attributable to shareholders for the first nine months was RMB 1.38 billion, up 14.66% year-over-year.

Financial highlights

• Operating cash flow for Q3 was RMB 3.93 billion, up 114.41% year-over-year; year-to-date operating cash flow was RMB 4.31 billion, down 18.96%.

• Basic and diluted EPS for Q3 were RMB 0.0358, up over 370% year-over-year; year-to-date EPS was RMB 0.1019, up 14.49%.

• Gross margin and other profitability metrics improved due to strong container manufacturing performance.

• Total assets at quarter-end were RMB 123.11 billion, down 2.24% from year-end 2023.

• Shareholders’ equity attributable to listed company shareholders increased 3.23% to RMB 30.23 billion.

Outlook and guidance

• Container market demand is expected to remain robust, supporting continued revenue and profit growth.