COSCO
SITC
PACIFIC LINES
Thursday, 31/03/2022, 13:58 (GMT +7)
768
COSCO achieves strong financial results in 2021
COSCO Shipping Holdings announced its financial results for 2021, posting a profit of $14 billion, equivalent to a jump to $12.51 billion or nearly 800% year-on-year.
China's shipping giant COSCO Shipping Holdings has announced its financial results for 2021, with owners' profits of $14 billion, equivalent to a jump to 12,51 billion USD or nearly 800% over the same period last year.
During the same period, COSCO's earnings before interest and tax (EBIT) profit came in at $20.38 billion, while its 2021 earnings per common share was $0.88.
Meanwhile, the company's asset - liability ratio was 56.76%, down 14.3 percentage points compared to the previous year.
Furthermore, as of December 31, 2021, the Chinese group operates a total fleet capacity of 510 vessels and 2.94 million TEUs through its subsidiary COSCO Shipping Lines and subsidiary Oriental Overseas International (OOIL). .
"By adhering to the concept of providing 'customer-centric' services, our relationship with our customers is the key to our success," COSCO said in a statement.
The company expects market supply and demand to improve little in the first half of 2022, and the market outlook "still cautiously optimistic in the short term."
However, repeated Covid-19 waves, global inflation, geopolitical tensions and other events are expected to bring uncertainties to the long-term functioning of the market, making it difficult to for predicting future trends.
According to forecasts of major international economic organizations, the world economy will continue to grow at a low rate in 2022.
COSCO announced its commitments for 2022 which read: "No matter the challenges are, the company will actively respond to the global economic and trade changes and fulfill the mission of shipping the world. We will make contributions in carrying out social responsibility, environment protection and emission reduction in terms of developing green, low-carbon and intelligent shipping, in order that the company can create greater value for shareholders."
Source: Phaata.com (According to ContainerNews)
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