CSSC Offshore and Marine Engineering (COMEC) reported strong financial results for the first quarter of 2026, driven by improved shipbuilding efficiency and higher investment income.
The group recorded operating income of CNY 5.69 billion ($784.6 million) for the three months ending 31 March, representing a 56.1% increase year-on-year.
Total profit rose to CNY 472.7 million, up 111.4% compared to the same period in 2025. The company attributed the growth to deeper lean production management and shorter construction cycles across its main vessel segments.
Net profit attributable to shareholders reached CNY 396.2 million, marking a 114.8% increase. The performance was supported by higher income from associated companies.
Net cash flow from operating activities increased 262.1% to CNY 1.30 billion, primarily driven by milestone payments received for shipbuilding projects.
Finance costs stood at CNY 3.5 million, reflecting foreign exchange losses during the quarter. This compares with a net foreign exchange gain recorded in the same period last year.
Total assets were reported at CNY 55.68 billion at the end of the reporting period. Basic earnings per share reached CNY 0.28, up 114.8% year-on-year.
