COSCO Shipping Ports enjoys profit boom in 2022 first quarter
COSCO Shipping Ports (CSP) has achieved significant year-on-year increases in both revenues and profits during the first quarter of the year, reporting US$329.7 million and US$80.9 million respectively.
The company’s revenues increased by 24.2%, driven by the effective sales and marketing strategy and contribution of the subsidiary of Tianjin Container Terminal since December 2021, while gross profit grew by 30.5%.
“Benefitting from lean operation strategy, revenue growth of the company outpaced cost of sales growth, which boosted gross profit margin increased by 1.1 percentage points YoY to 24.5%,” commented CSP.
In the meantime, the Chinese port operator announced a total container throughput of 30,291,588 TEU for the first three months of the year, which translates to a slight increase of 0.3% compared to the 2021 first quarter.
COSCO Shipping Ports said it remains committed to building a well-balanced terminal network for shipping alliances.
“Terminals in which the Group has a controlling stake will continue to actively develop terminal extended business and aims to develop a ports supply chain platform that extends to both upstream and downstream industries and provides more value-added services to customers, thereby further enhancing profitability,” added CSP.