(28 March 2023, Hong Kong) The board of directors (“the Board”) of COSCO SHIPPING International (Hong Kong) Limited (“COSCO SHIPPING International (Hong Kong)” or the “Company”, stock code: 00517.HK) today announced the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the “Group’’) for the year ended 31 December 2022.

Profit attributable to equity holders grew 21% YoY

In 2022, the growth momentum of the global economy continued weakening as a result of repeated epidemics and accelerating monetary tightening policies in developed countries. China's economy has also been under severe pressure. Nevertheless, the central government has launched a series of measures to stabilize the economy in a timely manner to restore China's economic stability, and the economy has been gradually recovering since the second half of the year. In the face of the challenging macro environment, COSCO SHIPPING International pursues its strategy of becoming a leading international shipping services company, providing comprehensive value-added shipping services to its customers and capitalising on our advantages with a well-diversified business and investment portfolio, effectively moderated the impacts from cyclical factors and achieved profit growth during the year.

During the year, profit attributable to equity holders of the Company was HK$347,062,000 (2021: HK$288,341,000), while the basic and diluted earnings per share was 22.74 HK cents (2021: 18.81 HK cents), representing an increase of 21% as compared to last year.

Dividends up 18% YoY, Payout ratio at 99%

The Board has recommended the payment of a final dividend of 11.5 HK cents per share. Together with the interim dividend of 11 HK cents per share, total dividends per share are 22.5 HK cents (2021:19 HK cents). The dividend payout ratio is approximately 99%.

COSCO SHIPPING International has established an explicit and clear dividend policy, pursuant to which, the Company’s annual dividend payout ratio shall not be less than 50% of net profit prior to achieving practical progress in major investment projects. Adhering to the business philosophy of maximising shareholders’ returns, under the principle of prudent investment attitudes to make good use of our capital and considering the factors of the operating environment and development needs, the actual dividend payout ratio has been improved to approximately 100% since 2020, which demonstrates the Company’s determination to enhance shareholders’ returns in the long run.

To achieve better shareholders’ returns, the Company further optimised its use of cash flow by repurchasing shares in the open market, in 2022, the Company has repurchased a total of 51,262,000 shares. The long-term development of the Company relies on the trust and support of our shareholders, we will continue to enhance our awareness of rewarding our shareholders and strive to forge ahead together.

Looking ahead, COSCO SHIPPING International will further ameliorate its existing businesses and, in line with the goal of improving efficiency and specialisation, focus on developing high return portfolio and enhance our asset turnover and profitability. Meanwhile, we will focus on seizing opportunities arising from the trend of digital, smart and green shipping, contributing to the construction of high-quality, low-carbon and intelligent shipping future.

Results Highlights

Editorial Note

The announcement of 2022 annual results is available on the websites of the SEHK (www.hkexnews.hk) and the Company’s website.

For enquiries, please contact:

IR Department, PR Division of COSCO SHIPPING International (Hong Kong) Limited