COSCO Shipping Holdings' total revenue for 2024 is 233.859 billion yuan, a year-on-year increase of 33.29%. The net income attributable to the parent company is 49.1 billion yuan, a year-on-year increase of 105.78%. In the fourth quarter, revenue and net income decreased compared to the previous quarter. The company announced a cash dividend of 1.03 yuan per share and will continue its share repurchase program.
COSCO Shipping Holdings achieved outstanding performance in 2024, with container shipping performance increasing significantly by 34.40%, and the supply chain business becoming a new growth engine.
Through global layout optimization, digital supply chain construction, and green low-carbon transformation, core competitiveness is strengthened. Cash flow is abundant, and the debt-to-asset ratio has decreased to 42.70%, indicating a healthy and stable financial structure. The company announced a cash dividend of 1.03 yuan per share and continued to implement stock buybacks to fully reward shareholders.
On Friday evening, COSCO Shipping Holdings announced the full-year and fourth-quarter performance report for 2024.
Specifically, for the year 2024:
Revenue is 233.859 billion yuan, a year-on-year increase of 33.29%; net income attributable to the parent company is 49.1 billion yuan, a year-on-year increase of 105.78%; EPS is 3.08 yuan, a year-on-year increase of 108.11%.
The container shipping business's EBIT reached 62.999 billion yuan, a year-on-year increase of 118.44%, and the EBIT margin increased from last year's 17.15% to 27.88%, reflecting a significant enhancement in the company's operational efficiency and profitability.
From the fourth quarter perspective:
Revenue was 59.122 billion yuan, showing a decline compared to the third quarter; net income attributable to shareholders was 10.976 billion yuan, a decrease of about 10.278 billion yuan compared to the third quarter; cash flow was 17.619 billion yuan, which decreased by approximately 11.42 billion yuan compared to the third quarter.
The route operation and freight volume achieved differentiated growth, with supply chain business becoming a new growth engine.
In the complex international trade environment, the company's freight volume reached 25.9393 million TEUs, a year-on-year increase of 10.12%, achieving differentiated growth:
- The trans-Pacific route performed the best, with a year-on-year volume increase of 13.00% and revenue growth of 63.18%.
- The intra-Asia routes (including Australia) saw a volume growth of 11.11% and revenue growth of 22.94%.
- The freight volume on mainland China routes surged by 28.92%, but revenue only grew by 6.15%.
- The volume of the Asia-Europe route (affected by the Red Sea crisis) decreased by 13.30%, but the revenue still grew by 41.03%.
The company is deeply expanding its full-chain digital supply chain business, with supply chain revenue excluding Marine Transportation reaching 40.939 billion yuan, a year-on-year increase of 18.09%. This growth stems from the company's construction of a matrix covering 38 supply chain products, with services already covering over 90 countries and regions, becoming a new growth point for the company's performance.
Operating cash flow has significantly strengthened, balancing capital expenditure and strategic investments.
During the reporting period, the net inflow of cash from operating activities reached 69.313 billion yuan, an increase of 46.729 billion yuan year-on-year, representing a growth rate of 206.91%, mainly due to the significant improvement in container shipping business performance. By the end of 2024, the company's balance of cash and cash equivalents will reach 184.189 billion yuan, forming a strong financial safety cushion.
The company actively optimizes asset allocation, mainly reflected in:
The balance of construction projects increased to 26.028 billion yuan, a 34.62% increase from the previous year, mainly used for Ship and terminal construction;
Strategically holds Midea Group Co., Ltd's H Shares, with an initial investment of 2.021 billion yuan, and the fair value at the end of the year reached 2.819 billion yuan;
Increased capital investment in SAIC Anji Logistics Co., Ltd by 1 billion yuan, holding 10% shares, strengthening supply chain collaboration.
The terminal business is developing steadily.
COSCO SHIP PORT's total throughput reached 144.0327 million TEUs, a year-on-year increase of 6.06%. Among these, the holding terminals handled 32.6554 million TEUs, a year-on-year increase of 6.15%. The company completed the delivery of the Suez Canal Container Terminal in Egypt, signed an investment agreement for the Laem Chabang Port terminal in Thailand, continuously enhancing service capabilities at key ports such as Piraeus, and continually expanding the global port network.
Accurately return value to shareholders.
The company implements a stable shareholder return policy, announcing a cash dividend of 1.03 yuan per share (including tax) for the end of 2024, continuously repurchasing A-shares and H-shares, with a cumulative repurchase amount of approximately 3.557 billion yuan as of the end of the reporting period.
