On October 18, CIMC Group announced its performance forecast for the first three quarters of 2024. According to the announcement, CIMC’s net profit attributable to the parent company in the first three quarters of 2024 is expected to range from Rmb1.65bn to Rmb2bn, an increase of 233% to 304% year-on-year.
The Group’s net profit attributable to shareholders and other equity holders of the Company for the nine months ended 30 September 2024 is expected to increase as compared to those of the corresponding period of last year, mainly due to the facts that: In the first three quarters of 2024, demands for container industry and the extended shipping distance due to the Red Sea incident, and the sales volume of standard dry containers of the Group’s container manufacturing business achieved a significant year-on-year increase, with the segment recording significant increase in both revenue and net profit as compared with the corresponding period of last year;
Benefiting from the increase in market demand, the marinerelated industries recorded an increase in both revenue and net profit in the first three quarters of 2024 as compared with the corresponding period of last year; meanwhile, the substantial appreciation of the exchange rate of RMB against USD in the third quarter of 2024 as compared with the end of the second quarter resulted a certain scale of exchange loss. In light of the above, the Group’s net profit attributable to shareholders and other equity holders of the Company from January to September 2024 is expected to increase as compared with the corresponding period of last year.
According to CIMC’s survey announcement, thanks to the steady recovery of the offshore engineering market, CIMC Raffles’ new orders maintained strong growth by the end of June, with the cumulative value of orders in hand increasing by 20.9% year-on-year to $6.18 billion, and the order size and quality continued to improve.
In addition, it is understood that CIMC Raffles also received orders for two FPSO hulls and living building modules from Seatrium in Singapore in July, and 1+1 FLNG EPC orders from Golar LNG in September.
CIMC stated that the company is in full production in the offshore engineering sector, with revenue from most products being recognized in stages.