COSCO SHIPPING International (Hong Kong) Announces 2023 Annual Results

(26 March 2024, 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 audited consolidated results of the Company and its subsidiaries (collectively, the “Group’’) for the year ended 31st December 2023.

Profit attributable to equity holders grew 71% YoY, EPS grew 77%

During the year, profit attributable to equity holders of the Company was HK$593,673,000 (2022: HK$347,062,000), representing an increase of 71% year-on-year, while the basic and diluted earnings per share was 40.33 HK cents (2022: 22.74 HK cents), representing an increase of 77% year-on-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). Profit before income tax from core business of shipping services increased by 33% year-on-year to HK$500,338,000. Among which, considerable growth was seen in the insurance brokerage services, supply of marine equipment and spare parts and production and sale of coatings businesses. The Group achieved significant year-on-year growth in net profit, highlighting our unremitting efforts to strive for stability and forge ahead, and also demonstrating the Group’s excellent countercyclical and resilience properties.

Dividends Surge 78% YoY, Payout ratio at 99%

The Board has recommended the payment of a final dividend of 17.5 HK cents per share, total dividends per share for the year 2023 are 40.0 HK cents (2022: 22.5 HK cents), representing a payout ratio of 99%. COSCO SHIPPING International (Hong Kong) will adhere to its commitment of maximizing shareholders’ return by promoting operational efficiency and capital optimization. In 2023, under the principle of prudent investment attitude and proper use of funds, the Company repurchased a total of 15,722,000 shares.

Drawing on the brand and resource advantages of COSCO SHIPPING Group, COSCO SHIPPING International (Hong Kong) will continue to adhere to the path of professional services. Looking ahead to 2024, we are committed to promoting digital smart shipping and marine green energy with an optimistic and prudent attitude, while adhering to the belief in technological innovation. Our goal is to facilitate the shipping industry in establishing a high-quality, low-carbon intelligent operation system.

Results Highlights

Editorial Note

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

For enquiries, please contact:

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