Orient Overseas (International) Limited (OOIL) saw a significant earnings growth at the end of 2019. The company reported a profit attributable to equity holders of USD 1.35 billion in 2019, against a profit of USD 108.2 million seen in 2018.
Revenues rose to USD 6.88 billion in 2019 from USD 6.57 billion recorded a year earlier. In addition, earnings before interest and taxes stood at USD 452.3 million in 2019, compared to USD 313.7 million in 2018.
For 2019, OOIL’s container transport and logistics business OOCL — including Long Beach Container Terminal operation — reported EBIT of USD 370 million, representing an EBIT margin of approximately 5.3%.
“This solid performance was achieved in a context of an uncertain global economic and trade environment. Economic growth in most major economies continued to be relatively low, and seemingly escalating trade frictions gave rise to uncertainty throughout the year,” OOIL said, explaining that the results are a proof of the successful entry of OOIL into the wider China COSCO Shipping Group and the combination of the duo’s strengths.