COSCO
SITC
PACIFIC LINES
Tuesday, 19/08/2025, 09:09 (GMT +7)
313
SITC's First-Half Profit Soars on Higher Rates and Volumes
Carrier SITC reports a nearly 80% surge in net profit for the first half of 2025, driven by a combination of volume growth and higher freight rates in the intra-Asia market.
Hong Kong-based SITC International Holdings has reported a sharp increase in revenue and profit for the first half of 2025, fueled by significant growth in both container shipping volumes and average freight rates. The strong results for the Asia-focused shipping and logistics company reflect a robust market, leading to a substantial increase in the carrier's gross profit margin.
For the six months ended June 30, the group recorded revenue of $1.66 billion, a 28% increase from the $1.30 billion posted in the first half of 2024. This revenue growth translated into an even more impressive leap of 79.5% in net profit, which reached $633.4 million, compared to $352.8 million in the same period last year.
The company's expenses also rose, albeit at a slower pace than revenue. Cost of sales, a key expense, increased by 10.8% to $995.1 million, which the company attributed primarily to higher costs for equipment and cargo transportation.
The strong revenue growth, combined with the more moderate rise in costs, pushed the group's gross profit margin to 40.2%, up from 31% in the prior-year period.
In the management's discussion, the company stated that the increase in revenue was the result of a combined effect, with container shipping volumes growing by 7.3% and the average freight rate increasing by 22.8%.
Looking ahead, the company noted that with the changing global trade landscape, regional trade has become increasingly frequent, driving demand for smaller, "flexible and efficient" container ships. The carrier stated it will continue to focus on expanding its service network in Asia. Based on the strong results, the board of directors has declared an interim dividend of HK$1.30 per share.
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Source: Phaata.com (According to Baird Maritime)
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