Her Anastasia Vamvaka
State-owned Cosco Shipping Holdings experienced the most controversial first quarter of its history amid chaos in the port supply and congestion chain. However, it seems that this chaos favors its operating income, as the first quarter of 2022 closes with a record of profitability.
In particular, the expected EBIT is about 39.3 billion yuan ($ 6.2 billion), up + 98% in the first quarter of 2021. In addition, the group estimates that it will file the first three months of this year with a net profit accumulation shareholders 27.6 billion yuan or $ 4.3 billion (+ 78.6%).
Chinese investment bank CICC says the results meet its expectations and estimates that the company’s profitability will remain strong for 2022
It is recalled that all the leading companies in the transport industry record operating profits in excess of $ 110 billion. The highest level of combined profit in more than a decade was achieved despite the global turmoil in the industry, says a Sea-Intelligence study. Cosco is the largest revenue carrier with revenue of $ 52.5 billion in 2021, followed by Maersk with $ 48.2 billion and CMA CGM with $ 45.3 billion
Source: Capital
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