OOIL profit falls 26% in H1 2024

EPS stood at $9.82.

The Orient Overseas (International) Limited’s profit attributable to equity holders dropped to $6.4b (US$833m) in the first half of the year, a 26% decrease compared to last year’s $8.8b (US$1.1b).

This was despite the group registering a revenue of $36.2b (US$4.6b), a 2% increase year-on-year. This is due to the growing demand and exploring new markets of international logistics services.

OOIL attributed the loss to increased costs from rerouting vessels around the Cape of Good Hope, supply chain disruptions, and intensified competition despite a slight increase in revenue.

OOIL said its financial position remains healthy with a net cash of $42.1b (US$5.4b).

The board of directors declared a dividend of approximately $3.2b (US$416m) for H1 2024, with an interim dividend of $0.47 ($0.063) per ordinary share.

Earnings per share also dropped to $9.82 (US$1.26) from $13.33 (US$1.71).
 

(US$1 = $7.08)