COSCO SHIPPING (1919) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with revenue rising 33.29% year-over-year to RMB233.86 billion and net profit attributable to equity holders up 106.09% to RMB49.17 billion, reflecting robust operational performance amid volatile market conditions.

• Expanded global shipping network, extended Ocean Alliance cooperation to 2032, delivered 12 new vessels, and made major investments in terminals and logistics, increasing fleet capacity by 9.1%.

• Advanced digital transformation and green initiatives, including new methanol dual-fuel vessels and significant investments in digital supply chain products.

• Proposed a final dividend of RMB1.03 per share, with total 2024 cash dividends at RMB24.43 billion, about 50% of net profit, and announced a new three-year shareholder return plan.

Financial highlights

• Revenue reached $32.9bn (RMB233.86bn), up from $24.9bn in 2023; net profit attributable to equity holders was $6.9bn (RMB49.17bn), doubling from $3.4bn.

• EBITDA rose to $12.5bn, EBIT to RMB70.15 billion, and cash flow from operations to RMB69.31 billion, all year-over-year increases.

• Gross profit margin improved to 28.95% from 15.74% year-over-year.

• Basic EPS increased 108.1% to RMB3.08.

• Net cash to equity ratio at 37.9% and debt to asset (gearing) ratio at 42.7% as of year-end.

Outlook and guidance

• Plans to maintain leading industry capacity, with 55 new vessels (986,148 TEU) scheduled for delivery through 2029 and ongoing investment in fleet renewal and smart port infrastructure.

• Expects continued growth in global container freight volume and resilient demand, despite supply growth outpacing demand in 2025 and risks from geopolitical tensions and evolving industry alliances.

• Focus on digital supply chain, green transformation, and expanding emerging market services.