COSCO SHIPPING International (Singapore) (F83) H1 2024 earnings summary

Executive summary

• H1 revenue was S$82.261m, down 9% YoY; profit before tax rose 17% to S$5.085m and profit attributable to equity holders rose 16% to S$2.276m.

• Higher associate contributions and lower finance costs supported profit growth, partly offset by weaker margins and lower interest income.

Financial highlights

• Gross profit fell 9% to S$20.1m from S$22.1m, mainly on lower margins in property management and ship repair and marine engineering.

• Other income rose 11% to S$2.0m; interest income fell 46% to S$0.6m, while finance costs declined 16% to S$5.9m following borrowings repayments.

• Income tax expense rose 12% to S$2.3m on higher profits.

• Operating cash flow was $14.1m; investing and financing cash outflows were $6.2m and $18.4m, respectively.

Outlook and guidance

• Plans include investing in logistics supply-chain infrastructure and resources, expanding the network, and developing integrated logistics services across South and Southeast Asia when appropriate.

• Will monitor logistics markets in Singapore, Malaysia and Southeast Asia; sustainable development and long-term shareholder returns remain priorities, with no specific earnings guidance.