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Staying on the Wave: Record Results for Zim in the Third Quarter - Walla! Of money

2021-11-17T12:51:30.687Z


With a net profit of $ 1.46 billion in the third quarter, ZIM can move to a quarterly dividend distribution policy


  • Of money

Staying on the wave: Record results for ZIM in the third quarter

With a net profit of $ 1.46 billion in the third quarter, ZIM could move to a quarterly dividend distribution policy;

Will distribute $ 2.50 per share for the third quarter, which is about 20% of net income for the quarter.

An annual dividend of 30% -50% of profit, will be distributed in 2022

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  • Zim

  • financial reports

  • Dividends

  • Revenue

  • Eli Glickman

Walla!

Of money

Wednesday, 17 November 2021, 14:32 Updated: 14:45

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ZIM reports record results for the third quarter of 2021: net income of $ 1.46 billion and adjusted EBITDA of $ 2.08 billion.



The Company has announced a transition to a quarterly dividend distribution policy; Announcement of $ 2.50 dividend per share for the third quarter, accounting for approximately 20% of net income for the quarter. It was also announced that the company will distribute an expected annual dividend of 30-50% of the total net profit of 2021 which will be distributed in 2022


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Main highlights for the third quarter of 2021:



• Net income for the third quarter amounted to $ 1.46 billion, or $ 12.16 per share on a diluted basis compared to $ 144 million, or $ 1.36 per share on a diluted basis in the corresponding quarter last year, an increase of 913% and 794 % Respectively.



• Adjusted EBITDA 1 in the third quarter amounted to $ 2.08 billion, compared to $ 262 million in the corresponding quarter last year, an increase of 693%.



• Operating profit (EBIT) in the third quarter totaled $ 1.86 billion, compared to $ 189 million in the same quarter last year, an increase of 884%. The adjustments between operating profit (EBIT) and adjusted EBIT in the third quarter were negligible.



• Revenue in the third quarter totaled $ 3.14 billion, compared to $ 1.01 billion in the same quarter last year, an increase of 210%.



• ZIM led 884,000 containers (TEU) in the third quarter of 2021, an increase of 16% from the corresponding quarter last year.



• The average transport price per container (TEU) in the third quarter of 2021 was $ 3,226, an increase of 174% from the corresponding quarter last year.



• Net leverage ratio of 0.0x as of September 30, 2021, compared to 1.2x as of December 31, 2020.



• The company announced a policy of paying dividends on a quarterly basis at a rate of approximately 20% of the quarter's net profit, with the fourth quarter dividend amounting, plus the quarterly dividends distributed, at 30-50% of the annual net profit.

The Company announced a cash dividend of approximately $ 296 million, or $ 2.50 per ordinary share (reflecting a rate of approximately 20% of the net profit for the third quarter of 2021), to be paid on December 27, 2021 to the Company's shareholders.



• The company announced a strategic agreement and exercise of an option, with Seaspan, for the long-term lease of a total of 15 natural gas-powered "green" ships, with a transport capacity of 7,000 containers (TEU).

This agreement is another illustration of Zim's commitment to reducing the company's carbon footprint.



• During the quarter and after the end of the quarter, the Company purchased eight (8) second-hand ships at a total cost of approximately $ 355 million

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Eli Glickman, President and CEO of ZIM. Good reasons to smile after another record-breaking quarter (Photo: Itai Rapaport, Private News Company)

Eli Glickman, President and CEO of ZIM,

said: “We are very proud of ZIM's significant achievements since our IPO at the beginning of the year.

The impressive results we continue to present are directly due to the professionalism of our team and our success in leveraging our attractive market conditions and our differentiating approach.



Our exceptional third quarter results reflect revenue, adjusted EBITDA, net income and cash flow from the highest operating activities that ZIM has ever presented.

It is important to note that we have once again achieved profit margins from the leaders in the industry, and better-than-average performance in the industry. "



Glickman added, "While presenting quarterly record results, we are pleased to allocate additional capital to improve our commercial capabilities and maximize shareholder value. Along with our success in securing the operational fleet and containers that will enable us to best serve our customers, we have $ 2.00 per share in September 2021, and we are now moving to a quarterly dividend payment to provide shareholders with an immediate and more frequent return



. Our expectation to divide 30 50% of the net profit of 2021, we are prepared to return significant capital to shareholders in 2022. "

Zim container on a refrigerated truck in New Zealand (Photo: Anthony Gussenhoven)

Glickman concluded, "Given Zim's strong forecast and very positive container transport market conditions, we have again raised our earnings forecast for 2021. As an innovative digital leader in marine and logistics services, Zim is well prepared for the future.



We continue to focus on the global-niche strategy "In order to achieve long-term excess profitability, while maintaining maximum flexibility in our ship fleet, promoting our ESG (environmental, social & governance) values ​​while creating an optimal customer experience, and taking advantage of growth opportunities."

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Source: walla

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