Yangzijiang Shipbldg’s H1 net profit soars 77.2% to $571m

Gross profit rose 65.1% to $626m.

Yangzijiang Shipbldg reported a 77.2% spike in its net profit for H1 2024 to $571m (RMB3.1b) from $313m (RMB1.7b) in H1 2023.

Gross profit also rose 65.1% to $626m (RMB3.4b) from $387m (RMB2.1b) a year ago.

Revenue grew 15.3% to $2.39b (RMB13b) from $2.1b (RMB11.3b) in H1 2023, driven by the Shipbuilding segment's strong performance, which saw a 16.3% YoY increase of $313m (RMB1.7b), bringing its total to $2.28b (RMB12.4b).

Shipbuilding growth was driven by increased construction activities and better pricing for newbuild vessels. The Group delivered 35 vessels during the period and, including 2 ships for its own fleet, reached 59% of its annual target of 63 vessels.

In the same period, Yangzijiang secured a total of 79 new orders worth $11.3b (US$8.5b), with 79% of the new orders classified under the clean energy vessels category including 12 gas carriers, 18 LNG dual-fuel vessels, and 17 methanol dual-fuel vessels.

These new orders brought the company’s net order book to a record-high of 224 vessels worth $26.7b (US$20.2b), ensuring earnings visibility until mid-2028.