Jinhui Holdings (00137.HK) announced its interim results on August 29. For the six months ended June 30, 2024, the group recorded a revenue of HKD 0.539 billion, an increase of 86% compared to the same period in 2023, when it was HKD 0.29 billion. The comprehensive net profit for the period was HKD 66.9 million, compared to a comprehensive net loss of HKD 0.162 billion recorded in the first half of 2023. Basic earnings per share were HKD 0.053. In the first half of 2024, the average daily relative bareboat charter rate of the fleet increased by 66% to USD 13,939, compared to USD 8,379 for the same period in 2023. For the six months ended June 30, 2024, the net profit attributable to shareholders of the company was HKD 28.117 million, compared to a net loss of HKD 95.911 million for the same period in 2023.

The comprehensive net profit for the period was mainly due to the recovery of the bulk dry cargo shipping market, driven by strong demand for bulk dry goods, especially secondary bulk dry goods trade. The market freight rates have started to regain momentum, and limited vessel supply, compared to the first half of 2023 when freight rates were low due to weak sentiment in the bulk dry cargo shipping market.