COSCO’s net profit skyrockets by over 74%
The Chinese shipping giant COSCO SHIPPING Holdings has announced that its net profit attributable to equity holders for the first half of the year is expected to be approximately US$9.6 billion, translating to a 74.45% increase compared to the same period of 2021.
At the same time, the company’s earnings before interest and taxes (EBIT) for the first six months of 2022 are expected to reach US$14 billion, marking an outstanding growth of 92% year-over-year.
“In the first half of 2022, the supply and demand for international container transportation services were relatively tight and the export freight rates of main routes remained high,” commented COSCO in a statement.
The Chinese box carrier said, “During the reporting period, the global supply chain was severely sluggish due to the impact of the Covid-19 pandemic, and global customers put forward higher requirements on the stability and resilience of the supply chain.”
COSCO SHIPPING Holdings noted it has been working to ensure fleet capacity and to meet the market demand for containers, providing alternative solutions, such as “water-to-water” transit and “water-rail” intermodal transport, and utilising technological innovation and digitalisation in the supply chain system.