OOIL(00316)2024-09-19 08:57Financial Performance - The company reported a net profit attributable to shareholders of 1.129 billion in the same period of 2023[4]. - EBITDA for the first half of 2024 was 1.569 billion in 2023, with an EBITDA margin of 27.5%, down from 34.6% in the previous year[4]. - The earnings per share for ordinary shares was 1.71 in the first half of 2023[4]. - Revenue for the six months ended June 30, 2024, was 4,540,681 thousand in 2023[49]. - Operating profit decreased to 1,134,299 thousand in the previous year[49]. - Net profit for the period was 1,129,397 thousand in 2023[49]. - Total comprehensive income for the period was 1,110,293 thousand in 2023, reflecting a decrease of 25.1%[52]. - The company reported a total comprehensive income of 1,109.569 million for the same period in 2023, indicating a decrease of about 25%[57]. Dividends - The company declared an interim dividend of 0.69 per ordinary share and a special dividend of 0.63 per share, equivalent to 4.914 HKD, for the six months ending June 30, 2024[26]. - The total dividends paid to shareholders during the first half of 2024 were 3,011.302 million in the same period of 2023[55]. Shipping and Logistics - The company experienced a significant increase in shipping rates due to strong demand and tight capacity, affecting various shipping routes[5]. - In the first half of 2024, the total cargo volume for OOCL increased by 2%, with total revenue rising by 2% year-on-year[11]. - The Pacific route saw a 5% increase in total cargo volume and a 28% increase in revenue compared to the same period last year, with revenue per TEU rising by 22%[12]. - The Asia-Europe route experienced a 13% decrease in total cargo volume, but revenue increased by 8%, leading to a 24% rise in revenue per TEU[13]. - The Atlantic route's cargo volume decreased by 3%, with revenue and revenue per TEU dropping by 44% and 42% respectively[14]. - The intra-Asia/Australasia route's cargo volume increased by 9%, but overall revenue and revenue per TEU decreased by 8% and 15% respectively[15]. - OOCL's logistics segment saw steady revenue growth due to increased demand for international logistics services and market expansion[17]. Sustainability and ESG - The company is committed to sustainable development and has been recognized for its efforts in ESG, including winning the "Best Green Shipping Company" award[6]. - Orient Overseas International has been recognized for its continuous efforts in environmental protection, achieving the highest level of the Green Flag program and reducing emissions through slow steaming initiatives[25]. - The company participates in initiatives like the "Protect Blue Whales and Blue Skies Program" to reduce air pollution and protect marine wildlife[25]. - The group is committed to environmental, social, and governance (ESG) principles, supporting the United Nations Sustainable Development Goals and participating in initiatives to eliminate corruption in the shipping industry[23]. - The group publishes an annual sustainability report, verified by an independent certification body, to ensure compliance with international sustainability guidelines[24]. - Orient Overseas International has been included in the Dow Jones Sustainability Index, reflecting its commitment to ESG and sustainable development[25]. Financial Position - As of June 30, 2024, the group reported total cash and bank balances of 1.3 billion, resulting in a net cash position of 16,157.889 million as of June 30, 2024, compared to 11,923.488 million as of June 30, 2024, compared to 195.052 million as of June 30, 2024, from 4,234.401 million as of June 30, 2024, from 1,895.938 million as of June 30, 2024, from $2,026.833 million at the end of 2023, a reduction of about 6.4%[54]. Operational Developments - The company received five new vessels with a capacity of 24,188 TEUs in the first half of 2024, with the last of a series of ten vessels expected to be delivered in Q3 2024[18]. - The group employs 11,444 full-time employees globally, with competitive compensation and benefits, including medical insurance and retirement plans[22]. - The group has implemented cybersecurity training and monitoring systems to enhance employee awareness and protect its assets from cyber threats[23]. - The group continues to focus on digitalization and visibility in logistics to enhance supply chain resilience and meet customer needs[17]. Market Conditions and Risks - Future market uncertainties will be influenced by demand trends, economic conditions, and geopolitical risks, particularly in relation to the Red Sea situation[6]. - The group has a robust foreign exchange risk management strategy due to its global operations, involving multiple currencies against the US dollar[21]. - The group is currently evaluating the impact of new accounting standards that will become effective in the future on its accounting policies and consolidated financial statements[61]. Shareholder Information - As of June 30, 2024, the company has a total issued share capital of 660,373,297 ordinary shares[28]. - Major shareholder Faulkner Global Holdings Limited holds 71.07% of the company's shares, totaling 469,344,972 shares[32]. - As of June 30, 2024, there are no reported interests or short positions held by directors or senior management in the company's shares[28].