Cosco Shipping sees full-year profit surge 261%

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Cosco Shipping (Singapore) reported a surge of 261 per cent for its FY2021 earnings to S$30.1 million from S$8.3 million a year prior.

The company reported a 7 per cent y-o-y increase in FY2021 revenue to S$198.5 million from S$185.8 million.

Earnings per share for FY2021 also rose from 0.37 Singapore cents per share to 1.34 Singapore cents per share.

The growth in revenue was driven by higher revenue from logistics and ship repair and marine engineering activities. This was partially offset by lower revenue from shipping and property management. Logistics activities make up the bulk of Cosco’s revenue at 74 per cent.

Earnings growth was driven mainly by a gain on disposal of a subsidiary and higher shipping charges. This was partly offset by lower government grants.

“The company aims to pursue steady and sustainable growth through synergistic collaboration among its businesses and continuous optimisation of its current diversified portfolio.”