COSCO SHIPPING International (Singapore) (F83) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $172.9 million, down 3% YoY; profit attributable to equity holders rose 188% to $5.5 million, mainly on lower interest expenses and higher other operating gains.

• Gross profit increased 5% to $42.5 million, while diluted EPS was 0.24 cents.

Financial highlights

• Profit before income tax rose 68% to $9.483 million from $5.655 million in FY2023.

• Cost of sales decreased 6%; distribution expenses rose 2% and administrative expenses rose 10%, mainly due to higher staff costs and normalized operations.

• Other income increased on higher sundry and settlement income, partly offset by interest income down 50%; other gains included higher gains on PPE disposal and foreign exchange.

Outlook and guidance

• Plans to invest in logistics supply-chain infrastructure and resources at appropriate times, expand its network, and pursue growth across Southeast and South Asia.

• Committed to long-term sustainable development and improving shareholder returns.