Yangzijiang Shipbuilding’s Gross Profit Jumps 64% YoY to RMB 1.4 Billion in H1


Staff reporter

, Singapore

Yangzijiang Shipbuilding Photo

The jump is due to higher contributions from all of its business segments.

Gross profit of Yangzijiang Shipbuilding (Yangzijiang) jumped 64% year-on-year (YoY) to RMB 1.4 billion ($285.4 million) in the first half (H1) of 2022, its latest statement revealed. financial.

The company said the jump was due to its revenue rising 70% to RMB 9.7 billion ($1.98 billion), supported by higher contributions from all segments.

Yangzijiang’s core shipbuilding segment alone recorded a 78% year-on-year increase in revenue (RMB 8.5 billion / $1.74 billion) and a 68% year-on-year increase ( RM1.1 billion / $224.86 million) of its gross profit. This as the company delivered 35 vessels in the first half of 2022, which is more than the first half of 2021 record of 23.

READ MORE: Yangzijiang shareholders accept investment arm split

Its shipping segment also recorded double-digit increases in revenue (+37% YoY to RMB561m/$114.7m) and gross profit (+45% YoY). annual at RMB 226 million/US$46.2 million).

Yangzijiang said it was “well positioned to benefit from the ongoing upward cycle in shipbuilding and expand its presence in clean energy sectors.”

“The shipping industry should remain resilient amid ongoing port congestion and limited infrastructure
conditions. Given the demand for coal replenishment from Europe and growing demand for coal from China to support its economic recovery, we remain positive about the near-term outlook for shipping,” the company said.

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