SITC International Holdings Company (1308) H2 2024 earnings summary

Executive summary

• Net profit reached US$1,034 million in 2024, a 92.9% year-over-year increase, with revenue rising 25.9% to US$3,058.1 million, driven by a 10.7% increase in shipping volume and a 15.7% rise in average freight rates.

• Basic EPS increased 95% to 39 US cents per share.

• The company expanded its fleet and logistics network across Asia, launching new routes in China, Japan, Indonesia, and India.

• Final dividend of HK$1.40 (US$0.18) per share declared, with interim and special dividends paid during the year.

• Maintained a differentiated, low-cost strategy and industry leadership.

Financial highlights

• Gross profit surged 83.4% to US$1,142.8 million; gross margin improved from 25.7% to 37.4%.

• Net profit margin rose to 33.8% from 22.1% in 2023.

• Profit before tax doubled to US$1,053.6 million.

• Cash and cash equivalents rose 78.8% to US$744.5 million; current ratio improved to 1.9.

• Finance costs decreased to US$15.7 million, reflecting lower borrowing principal.

Outlook and guidance

• Forward-looking statements highlight expectations for continued growth, but note risks and uncertainties, including overcapacity and market normalization.

• Focus remains on Asian markets, with continued investment in vessels and logistics projects.