According to the Zhitong Finance App, COSCO SHIPPING International (00517) announced its 2023 results. Revenue fell 16% to HK$3.342 billion, profit attributable to the company's equity holders increased 71% to HK$594 million, basic and diluted earnings per share increased 77% to HK40.33 cents, and plans to pay a final dividend of HK17.5 cents per share.

According to the announcement, the decline in revenue was mainly due to a decrease in demand for container paint and a drop in sales volume, which led to a decline in division revenue from paint.

The gross margin in 2023 was 20% (2022:17%), up 3 percentage points from the previous year. The overall increase in gross margin was mainly due to a sharp increase in gross margin due to a drop in raw material costs in the paint division. The increase in profit was mainly due to a sharp rise in interest income and profit attributable to a joint venture.