CIMC generates $25.7 billion in operating revenue, marking the fastest y-o-y growth in nearly 10 years

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Apr 05, 2022, 22:11 ET

SHENZHEN, China, April 5, 2022 /PRNewswire/ -- Chinese leading logistics and energy equipment supplier China International Marine Containers (Group) Ltd posted approximately 163.7 billion yuan ($25.7 billion) in operating revenue in 2021, a 74-percent growth year-on-year, marking the first time for the company to hit the 100-billion-yuan line.

It also represents the fastest growth the company has made in nearly 10 years. Operating revenue of CIMC stood at 94.2 billion yuan in 2020.

Its operating profit increased 81 percent on a yearly basis to reach 13.47 billion yuan in 2021, breaking the historical record.

The company plans to distribute a full-year dividend of 0.69 yuan per share to its shareholders, with total cash payment of about 2.48 billion yuan, accounting for 38.22 percent of its net profit.

According to the Fortune Global 500 between 2018 and 2021, minimum operating revenue of companies on the list ranged from $24 billion to $25.3 billion, which translates into about 150 billion yuan to 160 billion yuan. Based on the current foreign exchange rate, that means CIMC could join the Fortune Global 500 club this year.

Six major segments of business -- container; vehicles; energy, chemical and food equipment; airports, firefighting and automated logistics equipment; offshore; logistics -- accounted for over 90 percent of CIMC's total operating revenue in 2021. Among them, container manufacturing, the company's core business, contributed roughly 40 percent of the total.

The container business achieved an operating revenue of 65.97 billion yuan in 2021, surging 197.64 percent compared with a year earlier. Net profit of the business segment soared 469.94 percent year-on-year to hit 11.33 billion yuan. The significant growth was driven by the dual impact of COVID-19 pandemic and cycle of shipping industry.

Mai Boliang, chairman and CEO of CIMC, said global container market was not in a normal situation in 2021 due to external factors. He expected global demand for containers to contract this year compared with the size of last year, but still larger than that of previous years.

Mai added that traditional container business is not expected to see rapid growth rate. But combined with some strategic emerging businesses that extended from the traditional business, such as cold-chain logistics, Mai said he is fully confident in the growth of the company's overall container business in the future.

SOURCE CIMC