COSCO announces USD 4.6 billion dividend: Chinese shipping line COSCO Shipping will pay a RMB 32.3 billion (USD 4.6 billion) cash dividend to shareholders during the first half of 2022 following “remarkable operating results” of the shipping company, reports Alphaliner.
The interim dividend, equivalent to RMB 2.01 per share, represents 50% of the company’s net profit for the period January-June 2022. COSCO did not issue a dividend in the same period last year.
COSCO returned to financial form in the latest quarter, posting a record net profit of RMB 44.5 billion and EBIT of RMB 52.5 billion. Unlike its competitors, the company’s earnings had previously peaked in the third quarter of 2021.
COSCO’s board is now proposing a cash dividend equal to 30-50% of net profits for the next three years (2022-2024), Alphaliner reports.