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COSCO SHIPPING Ports announces FY2018 results

Logistic News - Published on Fri, 29 Mar 2019

Image Source: Pacific Tycoon
COSCO SHIPPING Ports Limited, the world’s leading ports operator, anounced full year results of the Company and its subsidiaries for the year ended 31 December 2018

2018 Full-year Results Highlight
– Revenue was US$1,000.4 million +57.6% yoy
– Cost of sales was US$706.7 million, mainly due to CSP Spain Group acquired in 2017
– Gross profit was US$293.7 million, +40.3% yoy
– Share of profits from JV and associates was US$292.5 million, + 23.6%yoy
– Adjusted net profit was US$324.6 million, +42.9% yoy
– Adjusted earnings per share was US10.58 cents, + 41.1% yoy
– Declared a final dividend of US$2.02 cents per share

– Total throughput was 117,365,360 TEU, +17.1% yoy
– Organic growth of total throughput was 7.8%
– Total throughput from subsidiaries was 22,507,686 TEU, +29.7%yoy
– Total equity throughput was 37,062,172 TEU, +15.8%yoy

Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports said “I am proud to announce that we have achieved robust growth in 2018 despite uncertainties casting shadow over the global trade. Backed by the increased calls by the OCEAN Alliance and parent company at the subsidiaries, as well as the contributions from newly acquired terminals, we have achieved ahead of the market growth of 17.1% in total throughout for the year. With the strong support from parent company and the OCEAN Alliance as well as debut of Abu Dhabi Terminal and added capacity at COSCO-PSA Terminal in 2019, COSCO SHIPPING Ports is well positioned to continue to outperform the market, especially throughput growth. While stay committed to globalization, we will actively participate in the reorganization of major port groups in China to enlarge the Group’s operation scale and influence in domestic market.”

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Posted By : Rabi Wangkhem on Fri, 29 Mar 2019
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