OOIL(HK:00316)2023-08-18 10:40Financial Performance - Revenue for the six months ended June 30, 2023, was $4,540.681 million, a decrease of 59% from $11,061.132 million in the same period of 2022[2] - Operating profit for the same period was $1,134.299 million, down 80% from $5,745.431 million year-on-year[2] - Net profit for the six months ended June 30, 2023, was $1,129.397 million, compared to $5,664.112 million in 2022, representing a decline of 80%[2] - Basic and diluted earnings per share for the period were $1.71, down from $8.58 in the previous year[2] - The company reported a total comprehensive income of $1,110.293 million for the six months ended June 30, 2023, compared to $5,633.841 million in 2022[3] - The company reported a total comprehensive income of $(1,109,569) for the six months ended June 30, 2023[7] - The company recorded a shareholder profit of $1.129 billion for the first half of 2023, a decrease of 80% compared to $5.664 billion in the same period of 2022[50] - Container transportation and logistics business generated a pre-tax profit of $1.128 billion, down from $5.721 billion year-on-year[50] Assets and Liabilities - Total assets as of June 30, 2023, were $16,509.170 million, a decrease from $20,035.161 million as of December 31, 2022[5] - Total liabilities decreased to $4,971.491 million from $6,596.263 million at the end of 2022[5] - Shareholders' equity decreased to $11,534.380 million from $13,435.998 million at the end of 2022[5] - The total equity as of June 30, 2023, was $11,534,380, a decrease from $13,124,247 reported at the same time last year[7] - The total issued and paid-up capital as of June 30, 2023, is $66.037 million, unchanged from December 31, 2022[37] - The total amount of other receivables as of June 30, 2023, is $197.506 million, a decrease from $221.235 million as of December 31, 2022[36] - The company’s accrued expenses significantly decreased from $2.48 billion on December 31, 2022, to $1.71 billion on June 30, 2023, representing a decline of about 31%[41] Cash Flow - Operating cash flow for the six months ended June 30, 2023, was $609,152, compared to $6,340,396 for the same period in 2022, representing a significant decrease[6] - Net cash generated from operating activities was $548,319, down from $6,243,073 in the previous year[6] - Cash used in investing activities amounted to $(2,805,229), a stark contrast to the cash generated of $706,800 in the prior year[6] - Financing activities resulted in a net cash outflow of $(3,465,017), compared to $(2,607,024) in the same period last year[6] - Total cash and cash equivalents at the end of the period were $3,726,456, down from $8,266,910 at the end of June 2022[6] Segment Performance - For the six months ending June 30, 2023, the total revenue from container transportation and logistics was $4,528,025, a decrease from $11,049,611 in the same period of 2022[21] - Operating profit for the container transportation and logistics segment was $1,137,904, compared to a loss of $3,605 in the previous year[22] - Revenue from container transportation with the China Ocean Shipping Group decreased significantly from $228.5 million in 2022 to $48.8 million in 2023, a drop of approximately 78.7%[46] - The group’s income from freight forwarding decreased from $4.2 million in 2022 to $3.2 million in 2023, reflecting a decline of about 23.8%[46] Dividends - The total ordinary dividend declared for the six months ended June 30, 2023, is $0.69 per share, compared to $3.43 per share for the same period in 2022[33] - The special dividend declared for the same period is $0.17 per share, down from $2.57 per share in 2022[33] - The company announced an interim dividend of $0.69 per share and a special dividend of $0.17 per share, based on the exchange rate of 1 USD to 7.8 HKD[57] Operational Developments - The company completed the construction and delivery of two vessels during the six months ended June 30, 2023[34] - The company received two new vessels with a capacity of 24,188 TEUs each, marking the largest vessels in its fleet to date[54] - The company is actively developing new services in logistics and digital supply chain management to create value and reduce costs for customers[54] - The company continues to implement a dual-brand strategy, enhancing cost efficiency and market adaptability while maintaining customer service standards[54] Market Conditions - The company acknowledges ongoing challenges in the market, including inflation and interest rate hikes affecting consumer spending[55] - The company is experiencing full capacity on major long-haul routes, with freight rates on the US West Coast increasing, which is expected during this time of year[55] - The company is expanding its new shipbuilding plans and market development, including new routes to South America, indicating a cautious approach to growth[56] Governance and Compliance - The company is committed to maintaining high-quality corporate governance and has adopted a customized corporate governance code[60] - The company has adhered to the Stock Exchange's corporate governance code, with two exceptions regarding the disclosure of senior management remuneration[60]