On March 27, China International Marine Containers (Group) Co.,Ltd. (CIMC) officially released its 2024 annual results report.
From January to December 2024, CIMC achieved operating income of RMB 177.664 billion (approximately US$24.447 billion), a year-on-year increase of 39.01%; net profit attributable to the parent company was RMB 2.972 billion (approximately US$409 million), a year-on-year increase of 605.60%. During the reporting period, CIMC’s domestic operating income accounted for approximately 46%, and its foreign operating income accounted for approximately 54%. The overseas and domestic markets basically achieved dual-wheel drive.
The report disclosed that the performance of CIMC’s offshore engineering segment turned from loss to profit for the first time as the offshore equipment market continued to recover and improve. During the reporting period, the operating revenue of CIMC’s offshore engineering business amounted to RMB 16.556 billion, up 58.41% year-on-year, while the net profit amounted to RMB 224 million.
CIMC Raffles continues to make significant breakthroughs in high-end offshore manufacturing, adding new power to deep-sea technology. During the reporting period, CIMC Raffles signed a record-breaking US$3.25 billion in new offshore orders, including one FLNG repair and modification, two FPSO hull subcontracts, three ro-ro vessels and other clean energy orders. By the end of 2024, the cumulative value of order book in hand increased by 27% year-on-year to US$6.92 billion, of which the oil and gas business, wind power installation vessels and ro-ro vessels accounted for approximately 3:1:1, and have been scheduled for production until 2027. In addition, the offshore production operation and management business has driven value growth through lean operation, and core indicators have been improving, with two new leases for platforms successfully completed during the period.
During the reporting period, CIMC Enric, the clean energy sector of CIMC Group, realized revenue of RMB24.756 billion (approximately US$3.406 billion) and core net profit of RMB1.336 billion (approximately US$184 million). The clean energy segment realized revenue of RMB17.183 billion (approximately US$2.364 billion), a year-on-year increase of 15.3%, mainly benefiting from favorable factors such as the double increase in China’s apparent consumption of natural gas and LNG imports, stable LNG prices, and the high prosperity of the global shipping industry.
In the field of marine clean energy, the global shipping industry has accelerated its green transformation, and the number of orders for alternative fuel ships in the global new ship orders has increased significantly. During the period, CIMC Enric’s marine clean energy-related business has accumulated new orders of more than RMB 10 billion (approximately US$1.376 billion), setting a new record.
In the field of hydrogen energy business, CIMC Enric is an internationally leading supplier of hydrogen energy equipment and solutions. CIMC Enric continuously improves its integrated solution capabilities, leading the industry in breakthrough R&D and landing products such as the first liquid hydrogen spherical tank in China and 450L type III ultra-large capacity vehicle-mounted hydrogen storage cylinders, achieving revenue of RMB 850 million (approximately USD 116 million), and maintaining steady growth in revenue scale.
In addition, CIMC continues to explore the new energy field, and the green transformation is progressing well. In 2024, CIMC’s first hydrogen and LNG co-production project from coke oven gas was successfully put into operation, leading the green and low-carbon development in the industrial field. The first mobile energy storage alternative diesel generator demonstration project in Shenzhen landed. CIMC actively promoted the commercialization of new energy semi-trailers and accelerated the technology development and productized delivery. In addition, by the end of 2024, the total number of CIMC’s national green factories has reached 26, demonstrating all-round green manufacturing strength.