Give you a brief overview about our group business. Please turn to slide five. As a renowned container manufacturer and logistics service provider, Singamas currently operate five factories in China. Our total capacity is now about two hundred and ten thousand TEU of dry freight, and ISO specialized container, and twenty thousand of tanks and customized containers. Apart from that, Singamas is also running eight container depots across eight major cities in China and one logistics company in Xiamen. We also provide container leasing business activities in recent years. Slide six to nine cover our signature product, ranging from traditional dry freight and ISO specialized containers to innovative customized container, including but not limited by energy storage system, housing, medical facilities, and other electrical systems. The core product of Singamas customized container is Energy Storage System, or we call ESS in short.
ESS containers facilitate efficient electricity storage and release, enabling users by allowing electricity consumption at lower prices. This container ensures stability in new energy power generation. ESS containers are designed to withstand extreme conditions such as high altitude, low temperature, condensation, and sandstorm. Featuring double-layered thermal insulation and robust structure for normal operation in challenging environment. The next slides to eleven introduce our leasing business. Our professional team has over twenty-five years of experience in container leasing. We commit to provide flexible leasing solution for our customers and aim to help our customers to achieve effective container equipment, cost management, asset management, and financial management. By the end of June this year, we possess a fleet of sixty-six thousand TEU leasing containers.
Specializing in one-stop container leasing service, we collaborate with with leading shipping lines and carrier to distribute containers from our factory to major ports around the world. Our customer also benefit from our extended network of drop-off locations. Singamas is a major operator of eight container depot in China, with over thirty years of industry experience. We maintain strong ties with key port operators in the country and foster relationship with major global shipping and leasing companies. Our logistics service, service business focus on enhancing warehousing capability, integrating multimodal transport resources, improving digital operation capabilities for efficiency, and collaborating with service provider to expand network coverage. We now talk about industry trends and outlook for our dry freight boxes.
In the first half of this year, the selling price of dry freight container was in a leaping trend, with slow selling price in the first quarter and sudden uplift for selling price in the second quarter. The ASP of dry freight container turned out to be $1,918, decreased by 7.7% year-on-year. But as I mentioned, very slow first quarter, but a uplift in second quarter. Meanwhile, the average bamboo floor cost increased by a larger extent of 22.7%, and the average steel cost decreased by 5.4%. In other words, the steel price came down, but the floor price, bamboo floor price went up.
Yet, with the increase in market demand and in the selling price of dry freight containers in the second quarter of 2024, and thereafter, the higher utilization rate of our production capacity, our dry freight containers still achieve a better gross profit margin year-on-year. Let's move on to slide 15. Looking forward, the world economy will recover gradually. The United Nations Conference on Trade and Development predict that global trade volume may reach a high level of $32 trillion in 2024, and the World Bank has raised its global economic growth forecast in 2024 to 2.6% from the previous 2.4%. Also, some major economies have entered an inventory replacement cycle, which is beneficial to shipping demand, which in turn will have a better container demand.
However, as indicated by the SSE, that is Shanghai Composite Index, the increasing momentum of the industry may soften in the second half of the year. On slide 17, we show the leasing rate and cash return for the leasing industry. According to Drewry, long-term lease rate are expected to rise in 2024 and adjust it gradually before 2027. Here, from 2027, long-term lease are expected to go up again. For initial cash investment return, the rate will increase moderately from 2023 and up to 2028. Now, let's move on to our financial review section. On slide 18, the group's business performance was mainly driven by higher demand for dry freight containers and healthy growth of our customized container and leasing business.
In the first half of 2024, the group revenue increased by 20% to $242.9 million. On Slide 19, we see that the consolidated net profit attributable to owners of the company increased by 76% to about $17.2 million, including interest earned on bank deposit of $6.7 million for the period. On the next slide, the chart shows Singamas basic earnings per share was $0.0072 for the review period. Slide 21 shows the net asset value of Singamas. As of 30 June 2024, our net asset value per share was $0.2332.
An interim dividend of HKD 0.03 per share has been declared for the six months ended 30 June 2024, representing a payout ratio of about 53%, which is consistent with our policy. Now please turn to the business review section. Slide 24 shows the performance of Singamas manufacturing and leasing business. Manufacturing and leasing segment achieved revenue of $228.7 million, which accounted for 94.2% of our group total revenue. Segment profit before tax and non-core controlling interest was about $18.2 million. Slide 25 shows the breakdown of container units sold under different product category and according to the respective revenue generated. The table on the left shows that Singamas sold 91,175 TEU of dry freight containers during the review period.
The pie chart on the right shows that the sales of this dry freight container made up 73.2% of our manufacturing revenue. For customized container, a total of 5,796 units were sold during the review period. Revenue contributed by this container was 20.6% of revenue. So 73.2% for dry freight and customized container, 20.6%. On slide 26, it shows the performance of Singamas logistics services. Logistics service segment achieved revenue of HKD 14.1 million, and the segment profit before tax and non-controlling interest was about HKD 4.4 million. Slide 27 talks about our operating strategies for the second half of this year.
To navigate the volatile market condition, on one hand, Singamas is deployed contingency plan, such as securing fourth quarter 2024 market order in advance, reducing costs, avoiding risks, and most importantly, collecting market information to keep us up to date with the changes. On the other hand, Singamas will continue to apply strict cost control and caution in capital expenditure. Capital expenditure 2024 will prioritize safety and environmental protection measures. We are committed to incorporating renewable green energy solution for sustainability and cost efficiency. Slides 28 to 31 for this presentation contain appendix that shows our income statement, as well as our factories and depot data for your further reference. That conclude my presentation. Any question, Winnie, Rebecca, and myself will be happy to answer. Thank you very much.
Thank you, Mr. Teo, and we welcome questions in both Mandarin, English, or anything.
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80%, OK. So the last question is, just on that special dividend's consideration.
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You can see it on page eight of our report, page eight in the report, in this other income section. Actually, from that bank's interest perspective, we use a small animation for the bank's interest, that is without expense, that is positive interest income. Then the others are some, for example, we have an investment in Xiamen with an income of HKD 1.1 million, last year it was HKD 1.8 million, that is every year.
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Management, hello everyone. So I want to ask. I don't know if I have misunderstood. Your upcoming strategic focus will develop leasing business. Then if I look at that balance sheet, from the end of December to June comparison, roughly used $35 million, just start to develop more leasing business. Then afterwards, I just want to ask everyone, your upcoming vision. Because I am not very understanding. You mentioned that the leasing that, that rate expect to rise in slide 16, that is in 2024, but it will adjusted gradually before 2027, then from 2027, the leasing rate again expected to go up. So actually you estimate next few years that leasing market rate will have a different view, is it? So that is...
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OK, you asked a few questions, so I will respond to them one by one. First, regarding the rental rate, the rental rate you see in this information is actually from some authoritative industry reports. Why do they think the rental rate will be relatively flat in the future? Actually, it is related to the forecast of the container price. The rental rate is directly linked to the asset price. In the first aspect, we see the container price, and the forecast for the next few years will generally be in the $2,000-$2,200 range. They will take the median, $2,100, and then use the 10% COC to estimate the rental rate. That is why you say the indication of the rental rate and our view on the rental rate will have some deviation.
Because the container leasing business has a characteristic, our customers, some shipping companies that help us buy containers, why do they lease containers? Usually, there are two reasons. First, they have some unexpected logistic requirement, they will forecast some equipment plan, and when this plan and the actual situation change, they will suddenly need to use containers. When they suddenly need containers, leasing is a solution. In these situations, the rental rate is actually better than what is mentioned here. Second, you asked whether the container leasing business will be a focus of our strategy going forward. Yes, it will, for two reasons. First, our current customers already buy containers, but some quality customers, such as the top twenty shipping companies, have very healthy financial conditions.
In addition, we have an asset that can be used for asset-backed financing. We believe the company's ROE will have a significant improvement in the future. Of course, you need to have a portfolio size, and to a certain extent, some leverage, before you can see this kind of thing. For the third question, you asked about dividends, whether there will be any changes in the future. I cannot answer for the future, but I can tell you that Singamas' future profitability will be more resilient than before. Why? Previously, our utilization depended a lot on whether there were orders in the market and some pricing strategies of major competitors. In the future, when our leasing business is stable and reaches a certain size, its profit will actually be more stable than before.
OK, for the last question, whether the growth of the leasing business will affect our dividend, I will let the CFO answer you. Will it affect the dividend?
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Small scale, but under our promotion efforts, almost two-thirds of these top twenty companies all have business with us, even their, uh, that is, their credit rating is quite good. So I think here, starting from here, there should be a way to really further increase and strive. So, so when, when we have this excellent balance, have good customers, actually I have confidence through our business department's efforts, of course can get good finance. So to speak, for that year, should first be better, second is more stable. This is what I have hoped for a long time, to make our shipping industry big ups and downs have this balance, including our development of this special container, this reason.
Actually our energy container, we are not just doing in China, we now already sell to many places in Europe and America, including Southeast Asia. So actually Southeast Asia, especially we see Singapore, in the entire Asian that new energy all play a very big role. So we have a team based in Singapore, focused on doing these new solutions. Of course if you only do pure box making, it would be good, actually competition is very big, but what we do is a solution, using our factories in China, including buying other goods in China, then transport to Singapore and Southeast Asia, to do this solution. We feel that after two years of a trial period, we feel we have found a way, then I feel in the future it will all be helping our company, helping the company, including helping shareholders.
Very clear, sorry, I want to follow up a bit, because last time at the performance meeting it was said Textainer now, doing some research, buying those funds with good evaluation. So actually will the company have a roadmap? That is from 56,000 TEU leasing business, want to grow to how big, scale to how big, will you have a roadmap? That is next is, I all agree, this makes the whole business not have up and down so intense, that is strongly develop this leasing business, will you reveal more, what is that roadmap's approximate scale?
OK, chairman has requirements for us like this. OK, because in leasing business there are two characteristics, your scale the bigger, your cost per container will be lower. So we do this business will not do it small. Second, Singamas's balance sheet, Singamas's shareholders have very strong financing ability, this thing if not used would be very wasteful. Factory's capacity, one year can at least make 250,000-300,000 boxes, so outside of five years, our asset portfolio definitely will exceed $1 billion.
I think doing business all have a so-called long term roadmap, but we really what exactly is considered slightly scaled, I think this will change. Including the Textainer you mentioned, including recently rumored one leasing company sold to someone. Then actually I think now's trend is these big companies are sold by those PE funds, they sold at not low prices. Then since they sell at such expensive prices, definitely that business's scale, including its price will not be low. Then actually the remaining are relatively small type, then our characteristics is because we ourselves have factory. First is those businesses and us are all friendly, right? That is we have no way to compete with big companies, we only so-called use our speed, our responsiveness to cater to this.
Then that is big has big to do, small has small to do. Then actually I feel this market still has space for one or two, I don't say medium type, small type leasing companies to survive and grow. So like Winnie now is saying when to reach one billion, depends on our ability. OK, OK. So I think, but should say our ...
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Thank you everyone.
OK, thank you for coming for this presentation. I was glad to see many old friends and some new friends. Many of you have follow the company for a long time, and we have gone through the, you know, very difficult period before COVID, and during COVID was very, very difficult. But because we, we stood firm, that's why we could enjoy the strong market in 2021 and 2022. Coming to 2024, I'm very pleased to see that the company have actually settled down, stabilized into a more steady long term growth, and that is the two pieces we mentioned. At the same time, we are not giving up on container, GP container, because that is although cyclical, you can see that our profit margin actually has improved.
We do not have the scale of some of the big boys, but we do have, to me, you know, a very pro business, very commercial and experienced team. That's why, sometimes people come to us, even though there are other bigger players able to offer, you know, big volume and various incentive. So that is something I say[Foreign languga . Container demand will always be there. But more important, I will highlight to my colleagues is that, we will not manufacture at a loss.
That is that we can't afford to, you know, lose big time compared to the big boys. So, having this leasing is kind of a backup for us. So I think the company is on the you know, to me, a small segment as well, we say sustainable growth, that's important, and that comes by strong balance sheet. I know the shareholder like to see special dividend, but, we will find occasion to give it out if we can justify. But same time to me is to see a steady, sustainable growth, not the volatility that... we still have volatility, but I hope this volatility is a problem is up, not go down, right? And then we can return a reasonable return to the shareholder for the long term. OK, thank you very much.