Red Sea Gateway Terminal Eyes Port Investments in Africa and the Middle East swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
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(Bloomberg) The operator of Saudi Arabia’s Red Sea Gateway Terminal is looking to invest in ports in Africa and the Middle East, following backing from the kingdom’s sovereign wealth fund.
The RSGT plans to invest in at least three international ports in the next five years, with each investment totaling as much as $500 million, port chief Jens Floe said. It’s also aiming to spend up to $1.7 billion developing its main port in Jeddah on the Red Sea, as well as potentially investing in other Saudi ports.
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COSCO SHIPPING Ports announces 2021 First Quarter Results
Cosco Shipping Ports Limited, the world’s leading ports operator, today announced the first quarter results of the Company and its subsidiaries for the 3 months ended 31 March 2021.
2021 First Quarter Results Highlight
Revenue increased by 20.3% YoY to US$265.3 million
Gross profit increased by 35.9% YoY to US$61.9 million
Share of profits from joint ventures and associates increased by 54.8% YoY to US$81.0 million
Profit attributable to equity holders of the Company decreased by 20.5% YoY to US$73.0 million
Profit attributable to equity holders of the Company was US$73.0 million, an increase of 140.1% (excluding one-off items)
Financial review