Prominent ports operator COSCO SHIPPING Ports Limited has announced interim results of the Company and its subsidiaries for the 3 months and 9 months ended 30 September 2022.
2022 Third Quarter Results Highlights
Total equity throughput grew by 7.6% YoY to 11,104,665 TEU
Revenue increased by 18.1% YoY to US$349.4million
Gross profit increased by 32.0% YoY to US$102.3 million
Share of profits from joint ventures and associates decreased by 3.9% YoY to US$81.3 million
Profit attributable to equity holders of the Company decreased by 0.6% YoY to US$85.7 million
2022 9 Months Results Highlights
Total equity throughput grew by 6.1% YoY to 31,598,677 TEU
Revenue increased by 22.5% YoY to US$1,054.0 million
Gross profit increased by 32.9% YoY to US$300.0 million
Share of profits from joint ventures and associates decreased by 7.0% YoY to US$241.5 million
Profit attributable to equity holders of the Company increased by 0.3% YoY to US$262.6 million
Financial review
COSCO SHIPPING Ports’ 3Q2022 revenue increased by 18.1% YoY to US$349.4 million. Gross profit increased by 32.0% YoY to US$102.3 million and the gross profit margin expanded 3.1percentage
points to 29.3%. During the period, due to the decrease in fair value from the convertible bond of Beibu Gulf Port, profit attributable to equity holders of the Company slightly decreased by 0.6% YoY to
US$85.7 million. Excluding the fair value change of the convertible bonds of Beibu Gulf Port, profit attributable to equity holders of the Company increased by 11.7% YoY.
China
For the three months ended 30 September 2022, total throughput of the terminals in China increased by 1.1% YoY to 26,010,165 TEU (3Q2021: 25,730,797 TEU), accounting for 76.0% of the Group’s total
throughput. Total equity throughput of terminals in China increased by 12.3% YoY to 7,778,188 TEU (3Q 2021: 6,924,915 TEU), accounting for 70.0% of the Group’s total equity throughput.
