COSCO SHIPPING Ports (1199) Q3 2024 earnings summary

Executive summary

• Achieved strong revenue and gross profit growth in 3Q2024, driven by rising throughput across all regions, with total throughput for Q3 2024 rising 5.1% YoY to 37.4 million TEU and nine-month throughput up 7.1% YoY to 107.3 million TEU.

• Both China and overseas subsidiaries recorded year-over-year increases in revenue and gross profit for the first nine months of 2024, with revenue up 11.2% YoY in Q3 to $399.0M and 5.8% YoY for nine months to $1.11B.

• Profit attributable to equity holders declined 1.7% YoY in Q3 to $81.9M and 5.4% YoY for nine months to $221.1M.

Financial highlights

• 3Q2024 revenue was $399.0M, up 11.2% YoY; gross profit reached $110.1M, up 9.2% YoY; nine-month gross profit up 4.8% YoY to $308.7M.

• Net finance costs decreased 13.0% YoY to $30.9M; profit attributable to equity holders was $81.9M.

• Basic EPS for Q3 was 2.23 US cents (down 6.3% YoY); nine-month EPS was 6.13 US cents (down 9.2% YoY).

• Share of profits from JVs and associates in Q3 was $84.0M, up 0.7% YoY.

• For 9M2024, China revenue grew 5.3% YoY to $538.7M, overseas revenue rose 6.4% YoY to $570.0M.

Outlook and guidance

• Equity throughput growth in 2024 expected to align with industry trends.

• Long-term strategy focuses on globalization, capacity expansion, value creation, and sustainable development.

• Opportunities identified in emerging markets, extended supply chains, and green/smart port initiatives.