COSCO SHIP INTL, the international shipping arm of China's largest maritime conglomerate, saw its shares surge 7.65% during midday trading on Thursday. The stock's rally came on the heels of the company's announcement of robust financial results for the first half of 2024.
According to a filing with the Hong Kong Stock Exchange, COSCO Shipping International (Hong Kong) reported a 16% year-over-year increase in profit attributable to equity holders for the six months ended June 30. The figure rose to HK$388.0 million, up from HK$335.9 million in the same period last year.
The company attributed the stronger earnings to an 8% increase in revenue from its core shipping services business, which reached HK$1.75 billion during the first half. Recognizing the positive performance, COSCO SHIP INTL raised its interim dividend payout to HK$0.265 per share, higher than the HK$0.225 paid in the prior year.
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