Cosco Shipping Energy forecasts 17% profit jump in 2024

COSCO SHIPPING Energy Transportation (SSE: 600026) projects a 17.2% year-on-year increase in net profit attributable to shareholders for 2024, reaching approximately 39.6 billion yuan. This rise is attributed to a favorable international oil transportation market and strategic fleet deployment. However, the company anticipates a 4.4% decline in扣除非经常性损益的净利润 (net profit attributable to shareholders after deducting non-recurring gains and losses), amounting to roughly 39.5 billion yuan. This decrease is primarily due to a significant reduction in non-recurring gains compared to the previous year. The company’s 2023 figures have been restated following the acquisition of chemical supply chain-related companies. Restated 2023 net profit is 33.8 billion yuan, while net profit excluding non-recurring items is 41.3 billion yuan. The company cautions that these figures are preliminary and subject to audit.