The Chinese state-owned company COSCO SHIPPING Holdings, ranked second in the world in terms of shipping capacity while Maersk Line of Denmark first, has seen its stock price soaring by nearly 100% YTD as it made a huge profit of CNY 37.1 billion (USD 5.7 billion) in 1H of 2021, roughly 32 times what it made in the same period last year (Y-on-Y).
Its financial results, dated July 7, 2021, were reported to the HKEX (see https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0707/2021070701353.pdf), entitled ‘
POSITIVE PROFIT ALERT
REGARDING 2021 INTERIM RESULTS
The Board wishes to inform the Shareholders and potential investors that the Group is expected to record a net profit attributable to the Shareholders for the Reporting Period of approximately RMB 37,093 million, as compared to that of approximately RMB 1,137 million for the six months ended 30 June 2020; and the Group is expected to record a net profit (after deducting non-recurring profit and loss) attributable to the Shareholders for the Reporting Period of approximately RMB37,021 million, as compared to that of approximately RMB 882 million for the six months ended 30 June 2020.’
Picture source: company website
See its stock price chart below
Yicai Global reported on September 3, 2021, that the company signed an agreement to buy 10 new container ships at a cost of USD 1.6 billion for delivery between the 4th quarters of 2024 and 2025. Last July, the company penned another agreement to buy 10 container ships at USD 1.5 billion. with other purchases, the company is waiting to add 32 new ships between 2023 and 2025.