24-03-2018

COSCO SHIPPING International Announces 2017 Profit attributable to the equity holders up 50%

The board of directors (“the Board”) of COSCO SHIPPING International (Hong Kong) Limited (“COSCO SHIPPING International” or the “Company”, stock code: 00517.HK) today announced the audited consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31st December 2017.

In 2017, driven by the good momentum for macroeconomic growth, coupled with the shipping cyclical and structural reasons, the international shipping market has shown a relatively strong signs of recovery. Benefited from the recovering shipping market, COSCO SHIPPING International achieved a satisfactory performance. The Company’s businesses maintained steady growth as always.

In 2017, profit attributable to equity holders of the Company was HK$357 million, increased by 50% as compared to 2016. Basic earnings per share was 23.26 HK cents. The Board proposed a final dividend of 12 HK cents per share (2016: 5.5 HK cents). Together with the interim dividend of 6 HK cents per share, the total dividends are 18 HK cents per share, representing a dividend payout ratio of 77% (2016: 61%). As at the end of 31st December 2017, COSCO SHIPPING International had net cash of HK$6.5 billion, or HK$4.23 per share, which will provide strong capital support for major acquisitions and expansion of existing businesses in future.

During the year, the Group’s shipping service industrial clusters achieved preliminary results and made a solid progress on resources integration. For the existing businesses, we placed high attention on the entirety of shipping services industrial cluster, actively extended the existing business chain and continuously enhanced its profitability

Looking ahead 2018, for the shipping service business relying on the shipping, the demand for modern ships and professional ship operation will create room for new businesses for shipping service enterprises. But it is also a tough and upgraded challenge. Generally speaking, the shipping services industry will maintain its unique stability in 2018.

In 2018, COSCO SHIPPING International will continually insist on the strategic plan of “development of shipping services industrial cluster and investment platform for non-financial business”. As for the building of shipping services industrial cluster, the Company still strives to become a world-class and the best shipping services company in China. As for the investment platform for non -financial business, we will attach the development of “One Belt and Road” and ” Guangdong-Hong Kong-Macao Bay Area”to the development of the Company, and expect to achieve leapfrog development.

Thanks to the support of all investors, the Company was selected as a constituent of Hang Seng Composite Index series and Hang Seng Stock Connect Hong Kong Index Series. Take this as a new beginning, the Company will further establish an effective and transparent operational system, keep the shareholders fully informed, balance the interests of its stakeholders, enhance communications with investors and actively collect opinions and advices from investors, thereby enabling the corporate value to be reasonably reflected in the capital market, and finally maximizing our corporate value and the shareholders’ return.

Source: COSCO SHIPPING International

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