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Photo from Yangzijiang Shipbuilding

Yangzijiang Shipbuilding's gross profit jumps 64% YoY to RMB1.4b in H1

The jump was due to the higher contributions from all its business segments.

Yangzijiang Shipbuilding's (Yangzijiang) gross profit jumped 64% year-on-year (YoY) to RMB1.4b ($285.4m) in the first half (H1) of 2022, its latest financial statement revealed.

The company said the jump was due to its 70% higher revenue of RMB9.7b ($1.98b) backed by higher contributions from all segments.

Yangzijiang's core shipbuilding segment alone saw a 78% YoY jump in revenue (RMB8.5b / $1.74b), and a 68% YoY (RM1.1b / $224.86m) increase in gross profit. This as the company delivered 35 vessels in H1 2022 which is more than the H1 2021's record of 23.

READ MORE: Yangzijiang shareholders ok spin-off of investment arm

Its shipping segment likewise posted double-digital increases in its revenue (+37% YoY to RMB561m/$114.7m) and gross profit (+45% YoY to RMB226m/$46.2m).

Yangzijiang said it is "well positioned to benefit from the ongoing upcycle for shipbuilding and extend its foothold to clean energy sectors."

"The shipping industry is expected to remain resilient amidst ongoing port congestions and limited infrastructure
conditions. Given Europe’s coal restocking demand, and China’s surging coal demand to support its economic recovery, we remain positive on the near-term outlook for shipping," the company said.

1 SGD = 4.89 RMB

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