China State Shipbuilding Corporation posts higher operating income in 2024

China State Shipbuilding Corporation (CSSC) recently published its 2024 annual report, which states that the company achieved an operating income of CNY78.58 billion (US$10.81 billion) for full-year 2024, a year-on-year increase of five per cent.

Net profit attributable to shareholders was CNY3.61 billion (US$500 million), a YOY increase of 22.2 per cent, while net profit attributable to shareholders after deducting non-recurring items successfully turned losses into profits of CNY3.07 billion yuan (US$420 million) from a loss of CNY291 million (US$40 million) in the same period last year.

Net operating cash flow was CNY5.235 billion (US$720 million), a YOY decrease of 71.3 per cent.

CSSC’s fourth quarter operating income was CNY22.42 billion (US$3.08 billion), a YOY decrease of 11 per cent. Net profit attributable to the parent company was CNY1.34 billion (US$180 million), a YOY increase of 239.2 per cent.

Net profit attributable to the parent company after deducting non-recurring items was CNY1.1 billion (US$150 million), a YOY increase of 701.3 per cent.

As of the end of the fourth quarter, the company’s total assets were CNY181.977 billion (US$25.03 billion), an increase of 2.3 per cent from the end of the previous year. Net assets attributable to the parent company were CNY50.90 billion (US$7 billion), an increase of 5.3 per cent from the end of the previous year.

CSSC mentioned in its annual report 2024 that the overall business performance was satisfactory and exceeded the annual production and operation targets.

The company’s revenue and deliveries in the shipbuilding, ship repair and offshore segments were significantly improved. For the whole year, it secured orders for 154 civil vessels as well as 296 vessels in shipbuilding and ship repair.

At the end of the reporting period, 322 civil ship orders were in hand, further optimising the order structure.