OOCL sees strong 2024 results despite ocean shipping challenges [Yahoo! Finance]
ORIENT OVERSEAS INR U/ADR (OROVY)
NASDAQ:AMEX Investor Relations:
ooilgroup.com/financials/investorpresentations
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Source: Yahoo! Finance
Orient Overseas (International) Ltd. (OOIL) announced robust financial results for 2024 driven by its OOCL ocean container business, with profit attributable to equity holders reaching $2.58 billion, up from $1.37 billion in 2023. The Hong Kong-based company owned by China's Cosco Shipping reported revenue increased to $10.7 billion for calendar 2024 from $8.34 billion in 2023. Operating profit rose to $2.62 billion from $1.41 billion, while earnings per share grew to $3.90 from $2.07. OOIL ( 0316.HK ) will recommend a dividend of $1.32 per share at its annual meeting in May. The OOCL container transport and logistics segment drove the strong performance, with profit before tax of $2.64 billion. The company said that it benefited from continued recovery in global trade, though market dynamics remained complex. The liner operator took delivery of seven new large container vessels in 2024 and chartered six 13,000-TEU (twenty-foot equivalent unit) vessels for future deployment.
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