COSCO Shipping Ports announces FY2018 financial results

Hong Kong, China (Ports Europe) March 28, 2019 - COSCO Shipping Ports Limited, a leading global leading ports operator, has announced full year results of the Company and its subsidiaries for the year ended 31 December 2018. 2018 Full-year results highlights: 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 OPERATIONAL REVIEW Total throughput was 117,365,360 TEU, +17.1% yoyOrganic growth of total throughput was 7.8%Total throughput from subsidiaries was 22,507,686 TEU, +29.7% yoyTotal equity throughput was 37,062,172 TEU, +15.8% yoy Comments on the company's European terminals: Performance of overseas terminals posed a strong growth in the year. With contributions from newly acquired terminals including the CSP Spain Group and CSP Zeebrugge Terminal and the supports from shipping alliances and parent company, throughput of the overseas portfolio increased by 31.5% to 24,768,234 TEU (2017: 18,840,664 TEU) for the year. The CSP Spain Group delivered throughput of 3,622,200 TEU and throughput of CSP Zeebrugge Terminal increased by 24.0% to 392,484 TEU compared with 316,448 TEU in 2017. Backed by the continuous support from the OCEAN Alliance and other shipping alliances, Piraeus Container Terminal achieved 19.4% growth in volume to 4,409,205 TEU (2017: 3,691,815 TEU) for the year. Throughput of CSP Zeebrugge Terminal increased by 24.0% to 392,484 TEU compared with 316,448 TEU in 2017. The terminal became a wholly owned subsidiary of the Group in November 2017, and with an aim to foster the development of the terminal, COSCO SHIPPING Ports strategically partnered with Port of Zeebrugge and CMA CGM by inviting the two companies to take up 5% and 10% stake in the terminal respectively. Kumport Terminal, despite instability of local currency, achieved 18.3% growth in volume for the year to 1,258,294 TEU. Euromax Terminal increased volume by 13.4% to 3,054,115 TEU in 2018. COSCO Shipping Ports Limited is a leading global ports operator with a terminals portfolio covering the five main port regions in Mainland China, Southeast Asia, Middle East, Europe and the Mediterranean. Its Mediterranean terminal operations are located in Bilbao and Valencia (both Spain), Vado Ligure (Italy), Kumport (Turkey), Suez Canal (Egypt) and Piraeus (Greece). Source: COSCO Copyright (C) Ports Europe. All Rights Reserved. 2019.

COSCO Shipping Ports announces FY2018 financial results

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COSCO Shipping Ports announces FY2018 financial results

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5 tonnes of cocaine destined for Valencia port seized in Guayaquil

2.6 times more containers via Middle Corridor in Jan-Oct’24

Cargotec sells MacGregor to Triton funds for €480 million

1.2 tonnes of cocaine seized in Spain’s Algeciras port

Four tonnes of cocaine seized off the Canary Islands

Our Expert Analysis

Latest Free Reads

Top Ports