(22 August 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 six months ended 30th June 2023.

Profit attributable to equity holders grew 103% YoY, EPS grew 110%

In the first half of 2023, profit attributable to equity holders of the Company was HK$335,917,000 (2022: HK$165,587,000), while the basic and diluted earnings per share was 22.69 HK cents (2022: 10.80 HK cents), representing an increase of 110% as compared to the same period of last year.

Profit attributable to equity holders recorded significant increase, mainly attributable to significant increase in interest income and in the share of profit of a joint venture (Jotun COSCO). During the period, interest income surged 442% YoY to HK$120,495,000 (2022: HK$22,249,000), share of profit of Jotun COSCO increased by 169% YoY to HK$108,560,000 (2022: HK$40,322,000). Profit before income tax from core business of shipping services increased by 60% YoY to HK$265,448,000. The Group achieved significant year-on-year growth in net profit, highlighting the excellent countercyclical and resilience properties of COSCO SHIPPING International (Hong Kong) in terms of operational efficiency, profitability, stable growth and capability.

Dividends Jump 105% YoY, Payout ratio at 99%

The Board has declared an interim dividend of 22.5 HK cents (2022: 11.0 HK cents) per share for the six months ended 30th June 2023, representing a payout ratio of 99%.

The Board decided to increase the interim dividend that denoted the ample financial resources of the Company and highlighted the long Company’s long-standing commitment to maximize shareholders’ return as well as share with shareholders the beneficial outcomes from the growth of the Company’s core businesses. COSCO SHIPPING International (Hong Kong) will adhere to its commitment of maximizing shareholders’ return by promoting operational efficiency and capital optimization.

COSCO SHIPPING International takes the digital and intelligent shipping services platform as our strategic development direction. In the future, COSCO SHIPPING International will focus on its core shipping services business, secure the new digital and intelligent shipping infrastructure, and grab greenisation, intellectualisation and digitalisation, so as to provide visible, controllable, operable and compatible service products. Our high-quality products and services will assist the shipping industry to improve the operational efficiency, to help shipowners optimising their service processes, enhancing the efficiency of the supply chain, reducing costs, and striving for green value, thus providing shipowners with more diversified and efficient services, offering smoother channels for suppliers, and contributing to the high quality development of the shipping industry.

Results Highlights

Editorial Note

The announcement of 2023 interim results is available on the websites of the SEHK (www.hkexnews.hk) and the Company’s website (www.hk.coscoshipping.com).

For enquiries, please contact:

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