COSCO SHIPPING Ports Ltd, the world’s leading ports operator, has announced full year results of the company and its subsidiaries for the year ended December 31, 2018.
2018 Full-year Results Highlights:
* Revenue was $1,000.4 million +57.6% yoy
* Cost of sales was $706.7 million, mainly due to CSP Spain Group acquired in 2017
* Gross profit was $293.7 million, +40.3% yoy
* Share of profits from JV and associates was $292.5 million, + 23.6% yoy
* Adjusted net profit was $324.6 million, +42.9% yoy
* Adjusted earnings per share was US10.58 cents, + 41.1% yoy
* Declared a final dividend of $2.02 cents per share
* Total throughput was 117,365,360 teus, +17.1% yoy
* Organic growth of total throughput was 7.8%
* Total throughput from subsidiaries was 22,507,686 teus, +29.7% yoy
* Total equity throughput was 37,062,172 teus, +15.8% yoy
Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports, said: “I am proud to announce that we have achieved robust growth in 2018 despite uncertainties casting shadow over the global trade. Backed by the increased calls by the OCEAN Alliance and parent company at the subsidiaries, as well as the contributions from newly acquired terminals, we have achieved ahead of the market growth of 17.1% in total throughout for the year. With the strong support from parent company and the OCEAN Alliance as well as debut of Abu Dhabi Terminal and added capacity at COSCO-PSA Terminal in 2019, COSCO SHIPPING Ports is well positioned to continue to outperform the market, especially throughput growth. While stay committed to globalisation, we will actively participate in the reorganisation of major port groups in China to enlarge the Group’s operation scale and influence in domestic market.”
During the year, throughput of the Group’s subsidiaries, becoming one driver of the business, increased by 29.7% to 22,507,686 teus (2017: 17,353,422 teus), made up 19.2% of the Group’s total. Throughput of QPI has been included since May 2017; excluding QPI, total throughput increased by 11.5% to 98,045,360 TEUs on a comparable basis. Throughput of the non-controlling terminals rose by 14.5% to 94,857,674 teus (2017: 82,848,763 teus).
During the year, synergies with Ocean Alliance and parent company were further strengthened; volume contributed by the OCEAN Alliance accounted for about 49.9% of total throughput of six major subsidiaries for the year, representing an increase of 33.7% compared with 2017, said a release.