China Merchant profit soars on strong volume growth

China Merchants Port Holdings Company Limited (CMPort) has reported a net profit of HK$8,362 million for the year ended 2019, a year-on-year increase of 15.4 percent.

In 2019, CMPort handled a total container throughput of 111.72 million TEUs, up by 2.4 percent year-on-year, among which the Group’s ports in Mainland China handled a container throughput of 83.67 million TEUs, up by 3.6 percent year-on-year, which was mainly benefitted from the growth in container volume of the company’s ports in the Yangtze River Delta region in China, as well as its participation in the merger of container terminals in Tianjin. 

The company’s operations in Hong Kong and Taiwan handled an aggregate container throughput of 7.21 million TEUs, representing a decrease of 6.1 percent as compared with the previous year. A total container throughput handled by the Group’s overseas ports grew by 0.9 percent year-on-year to 20.84 million TEUs, among which Colombo International Container Terminals Limited (“CICT”) in Sri Lanka, TCP Participações S.A. (“TCP”) in Brazil and Lomé Container Terminal S.A. in Togo recorded rapid growth in their throughput volume.

Bulk cargo volume handled by the company’s ports decreased by 10.5 percent year-on-year to 449 million tonnes, within which the Group’s bulk cargo business in Mainland China recorded a decrease of 10.9 percent year-on-year, which was mainly affected by the completion of the disposal of Shenzhen Chiwan, strategic adjustments of business structure of Shanghai International Port (Group) Co., Ltd., as well as China’s environmental protection policies. 

Nevertheless, overseas bulk cargo volume outperformed with an increase of 26.1 percent year-on-year, the wheeled and bulk cargo business in Hambantota International Port Group (Private) Limited (“Hambantota Port”) progressed well, among which the bulk cargo volume had a significant increase from 0.18 million to 0.50 million tonnes over the year.

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