SITC International Holdings Company (1308) H2 2023 earnings summary

Executive summary

• 2023 net profit was US$536.2m, down 72.5% YoY; revenue fell 40.9% to US$2,428.9m as gross margin contracted to 25.7%.

• Container shipping volume was 3.22m TEU, down 1.1% YoY; the fleet and regional network continued to expand.

Financial highlights

• Revenue was US$2,428.9m, down 40.9% YoY; gross profit was US$623.0m, down 68.5%.

• Profit before tax was US$553.4m, down 71.9%; profit for the year was US$536.2m, down 72.5%.

• Cost of sales declined 15.4% to US$1,805.9m; other income and gains, net, fell 56.7% to US$69.5m.

• Basic EPS was 20 US cents, down 72.5% YoY.

Outlook and guidance

• Strategy remains focused on intra-Asia shipping and integrated sea-land logistics, with continued development of high-frequency, high-density routes and service channels.

• Priorities include digitization and AI adoption, lower-carbon supply-chain services, and progress toward zero-carbon emissions.