Gross margin reached 31.0%, SITC announces first half 2024 results
On 21 August, Haifeng International Holdings Limited (SITC, HK1308) announced its results for the first half of 2024.
For the first half of the reporting period, SITC achieved revenue of US $1.301 billion, an increase of 3.8% year-on-year. Profit was $353 million, up 12.8 percent from a year earlier. Gross margin reached 31.0% in the first half of 2024.
As for the performance, SITC analysis said: First, the container volume increased from 1,550,075 TEUs in the same period last year to 1,705,164 TEUs, an increase of about 10.0%; Second, the average freight rate dropped from $667.5 /TEU in the same period last year to $632.4 /TEU, a decrease of about 5.3%.
In the first half of the year, SITC continued to focus on providing container transportation and integrated logistics services to the Asian market, and SITC is confident that the regional market will continue to enjoy healthy growth.
SITC also said that it will continue to optimize its unique operating model, expand service coverage, increase route density and direct services, extend the integrated sea and land service value chain, meet customers' supply chain management needs, and become the first choice for quality customers. At the same time, SITC continues to optimize its own fleet structure to maintain long-term cost advantages and reduce harmful emissions.
As at 30 June 2024, SITC operated a total of 78 trade routes, including 15 trade routes operated through joint services and 26 trade routes operated through container exchange.
During the same period, SITC had a total capacity of 108 vessels and 170,380 TEUs, comprising 99 owned vessels and 9 chartered vessels, with an average age of 9.2 years. In addition, SITC operates approximately 1.9 million square meters of storage yards and 156,000 square meters of warehouses.
For the first half of the reporting period, SITC achieved revenue of US $1.301 billion, an increase of 3.8% year-on-year. Profit was $353 million, up 12.8 percent from a year earlier. Gross margin reached 31.0% in the first half of 2024.
As for the performance, SITC analysis said: First, the container volume increased from 1,550,075 TEUs in the same period last year to 1,705,164 TEUs, an increase of about 10.0%; Second, the average freight rate dropped from $667.5 /TEU in the same period last year to $632.4 /TEU, a decrease of about 5.3%.
In the first half of the year, SITC continued to focus on providing container transportation and integrated logistics services to the Asian market, and SITC is confident that the regional market will continue to enjoy healthy growth.
SITC also said that it will continue to optimize its unique operating model, expand service coverage, increase route density and direct services, extend the integrated sea and land service value chain, meet customers' supply chain management needs, and become the first choice for quality customers. At the same time, SITC continues to optimize its own fleet structure to maintain long-term cost advantages and reduce harmful emissions.
As at 30 June 2024, SITC operated a total of 78 trade routes, including 15 trade routes operated through joint services and 26 trade routes operated through container exchange.
During the same period, SITC had a total capacity of 108 vessels and 170,380 TEUs, comprising 99 owned vessels and 9 chartered vessels, with an average age of 9.2 years. In addition, SITC operates approximately 1.9 million square meters of storage yards and 156,000 square meters of warehouses.
