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Rise on the Wave: Another Excellent Quarter for Zim
We have already got used to it: Zim broke all-time records again.
The reports for the second quarter of 2021 show a net profit of $ 888 million and adjusted EBITDA of $ 1.34 billion.
The company's forecast: The results of the second half of 2021 are expected to be even better
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Zim
financial reports
profit
The Age of Ofer
Eli Glickman
Walla!
Of money
Wednesday, 18 August 2021, 14:30 Updated: 15:15
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ZIM Integrated Shipping Services (NYSE: ZIM), a global shipping and shipping company, today released its business results, on a consolidated basis, for the second quarter and first half of 2021.
In the past year we seem to have become accustomed to hearing good news on behalf of ZIM, but it seems to happen Of the shipping company controlled by businessman Idan Ofer, even the clichés are running out: the company presents record results every quarter, which manage to overshadow the results of the previous quarter.
Zim has enjoyed pride in the maritime transport market, but even by neutralizing the positive environmental impacts, it manages to show improvement in every parameter.
Here are some highlights from the reports for the second quarter of 2021:
• Net income in the second quarter totaled $ 888 million (compared to $ 25 million in the same period last year), or $ 7.38 per share on a diluted basis.
• Adjusted EBITDA in the second quarter amounted to $ 1.34 billion, compared to $ 145 million in the corresponding quarter last year, an increase of 820%.
• Operating profit (EBIT) in the second quarter amounted to $ 1.16 billion, compared to $ 69 million in the corresponding quarter last year, an increase of 1,581%.
• Adjusted EBIT in the second quarter totaled $ 1.16 billion, compared to $ 73 million in the same quarter last year, an increase of 1,495%.
• Revenue in the second quarter totaled $ 2.38 billion, compared to $ 795 million in the same quarter last year, an increase of 200%.
• ZIM led 921,000 containers (TEU) in the second quarter of 2021, an increase of 44% from the same period last year.
• The average transport price per container (TEU) in the second quarter of 2021 was $ 2,341, an increase of 119% from the same period last year.
• Net leverage ratio of 0.3x as of June 30, 2021, compared to 1.2x as of December 31, 2020.
• The Company completed an offer to sell approximately 8 million shares from its shareholders at a price of $ 40.00 per share.
• The Company made an early and full redemption of the Company's 1 and 2 series of bonds, due in 2023, in a principal amount of $ 349 million.
• The Company announced a special cash dividend of approximately $ 238 million, reflecting an amount of $ 2.00 For an ordinary share, to be paid on September 15, 2021 to the Company's shareholders on August 25, 2021; the Company reiterated its intention to distribute (subject to board approval), in 2022, an annual dividend of 30-50% of its net profit for 2021.
• , The company announced a new strategic agreement with Seaspan for the long-term lease of 10 natural gas-powered "green" ships, with a carrying capacity of 7,000 containers (TEU) (with an option to lease five more ships). The company's carbon footprint.
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Eli Glickman (right), President and CEO of ZIM, with owner Idan Ofer. Can celebrate another record quarter (Photo: Sivan Farage)
"Continuing to demonstrate performance at the highest level"
Eli Glickman, President and CEO of ZIM, said: “I am proud to say that our exceptional performance, and the all-time record results, which have created significant value for shareholders, are a testament to the proactive strategies we have implemented to maximize our attractive market and differentiating approach.
We continue to demonstrate the highest level of performance, leading to another record quarter, including net income, EBITDA and cash flow from operating activities, as well as a significant increase in our forecast for 2021. To enhance our success we leveraged our digital initiatives and our global-niche strategy , In order to launch new lines that will serve profitable trade routes, where there is currently no satisfactory solution in the market.
"This strategy was essential for achieving an all-time record in the second quarter, in which Zim's lead volume grew by 44% compared to the same year, far beyond market growth."
Glickman added, "In keeping with our commitment to generating significant value to our shareholders, we continue to intelligently allocate capital for future growth, debt repayment and return to shareholders.
Our investment in new containers, and two long-term lease agreements for green gas-powered container vessels, Serve our purpose to provide good and reliable service to our customers, as well as our ESG (environmental, social and governance) values.Our
excellent performance, and strong cash flow creation, enabled us to pay additional debts, resulting in our leverage ratio reaching 0.3x "The lowest in Zim's history, bringing shareholders' capital to $ 1.72 billion."
Glickman concluded that "Looking ahead, and based on our strong forecasts, we are in a great position to return significant capital to our investors, with the expected dividend payment of 30% -50% of the 2021 net profit to be paid in 2022, in addition to $ 238 million, or "$ 2 per share, a special dividend to be paid in September 2021. Our outlook for the second half of 2021 and even into 2022 is very positive, and we are excited about the success of the strategy that strengthens our position as a leading digital innovation company in maritime transport and logistics services."
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