Hutchison Ports Holdings (HPH) Trust has seen has 75 per cent increase in profits for 2021.
The operator, which controls major regional port hubs including Yantian International Container Terminal (YICT) and Hongkong International Terminals (HIT), reported net profit after tax (NPAT) at HK$3.57 billion ($458 million), up three quarters on 2020’s figures of HK$2.012 billion ($258.1 million).
Net profit after tax attributable to shareholders was HK$1.74 billion ($223.2 million), up 110 per cent from 2020 levels.
2021 full year throughput of HPH Trust’s ports was 4 per cent above last year at around 24.51 million TEU.
YICT’s throughput was 6 per cent above last year. HPH Trust added that YICT, which operates out of Shenzhen, experienced a full year throughput due to increase in US, EU and empty cargoes driven by changing consumer habits through the pandemic.
Combined throughput of HIT, COSCO-HIT, and ACT – HPH Kwai Tsing, holding major facilities such as Hong Kong, Yantian, and Huizhou – was marginally lower than last year at 10.04 million TEU, HPH Trust wrote.
On trade routes, outbound cargoes to the US and EU for 2021 were above 2020 volumes by 7 per cent and 11 per cent, respectively.
“2021 has been a challenging but rewarding year for HPH Trust, with significant improvement in financial results arising from increased volume and effective cost control,” HPH Trust wrote in its results announcement.
The release noted that vessel schedule reliability was significantly affected, with the volume of skipped calls at its Asian ports accounting for 30 per cent in 2021, triple the 2020 rates.
The Omicron variant of COVID-19 has resulted in precautionary measures, further straining the supply chain.
“Management anticipates the continued disruption will linger for an extended period in 2022,” Hutchison wrote.