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ZIM sails to new highs: $ 1.7 billion profit for the quarter - Walla! Of money

2022-05-18T12:15:14.333Z

ZIM reports record results for the first quarter of 2022 and continues to present one of the highest operating profitability rates in the industry



ZIM sails to new highs: $ 1.7 billion profit for the quarter

ZIM reports record results for the first quarter of 2022 and continues to present one of the highest operating profitability rates in the industry.

President and CEO Eli Glickman knows the causes of the impressive results: "Thanks to the initiatives initiated to leverage the positive market conditions and the differentiating strategy"

Walla!

Of money

18/05/2022

Wednesday, 18 May 2022, 14:17 Updated: 14:34

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The fact that Zim has been starring in the reporting season of the last two years seems to have gotten us used to it.

Still, the company that until its acquisition by Idan Ofer was in a constant crisis, not only was it on the highway years ago, and not only was it successfully issued in New York, but surprisingly took advantage of the unique market conditions to maximize profits for its shareholders. .



In the first quarter of 2022, the company achieved quarterly record results: net profit of $ 1.7 billion and adjusted EBITDA of $ 2.5 billion;

Continues to present one of the highest operating profitability rates in the industry


, a 5% increase in the volume of transportation in the first quarter of 2022 compared to the corresponding period last year, a rate of increase significantly higher than the market average.



Main highlights for the first quarter of 2022:



• Net income for the first quarter amounted to $ 1,711 million (compared to $ 590 million in the corresponding period last year), an increase of 190%, or diluted earnings per share of $ 14.19 (compared to $ 5.13 in the corresponding period last year)


• Adjusted EBITDA in the first quarter amounted to $ 2,533 million, an increase of 209% from the corresponding period last year


• Operating profit (EBIT) in the first quarter amounted to $ 2,243 million, an increase of 228% from the corresponding period last year


• Revenue turnover in the first quarter amounted to $ 3,716 million, an increase of 113% From the corresponding period last year


• ZIM transported 859,000 containers (TEU) in the first quarter, an increase of 5% from the corresponding period last year


• The average transport price per container (TEU) in the first quarter was $ 3,848, an increase of 100% from the corresponding period last year


• Net leverage ratio 1 (Leverage ratio) of 0.0x as of March 31, 2022 (similar to the leverage ratio as of December 31, 2021);

Net cash and net investments reached $ 779 million


• The company announced a dividend of approximately $ 342 million, or $ 2.85 per share, an amount representing 20% ​​of net income for the first quarter


• The company entered into a number of agreements to lease 17 new vessels, 3 of which are "green", natural gas (LNG) powered ships

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Eli Glickman, President and CEO of ZIM

, said: "Following the excellent year that ZIM reported in 2021, we will continue the positive trend in the first quarter of 2022, while meeting the company's commitment to outstanding performance and profitable growth.

Thanks to the initiatives initiated to leverage the positive market conditions and Zim's differentiating strategy, we once again achieved record data in revenue, net profit and adjusted EBITDA, while presenting one of the highest operating profitability rates in the industry.



We continue to focus on identifying new profitable opportunities in the market, and from this perspective we have launched 10 new trade lines since the beginning of 2022, increasing the volume of transport compared to the same period last year, while the total volume of transport in the industry decreased.

The company's balance sheet remains very strong, with total cash and investments higher than the company's debt and capital attributed to shareholders of about $ 4.3 billion at the end of the quarter. "



Glickman added, "We continue to position ZIM for long-term success, strengthening the company's commercial future and improving its spending structure. Since the beginning of 2022, we have reported attractive deals for the lease of 17 new, efficient and innovative vessels, particularly suited to the extensive network of high-speed service lines. The company.



We will maintain flexibility to adjust the size of the company's fleet to market conditions and place ZIM at the forefront of the trend to reduce carbon emissions in the global shipping industry. "The company offers its customers a transportation solution that fits their own carbon reduction goals.



We also continue to improve the tools, platforms and digital solutions we offer our customers, in order to improve our commercial offering and provide an excellent customer experience."

Eli Glickman, President and CEO of ZIM. The company sets a high standard every time - and manages to cross it (Photo: Itai Rapaport, Private News Company)

The results so far have boosted confidence for the entire year

Glickman concluded, "The company's strong results to date, along with the long-term contracts signed with our customers in 2022 with significantly higher rates than 2021 prices, contribute to our confidence in the 2022 results and our ability to achieve excellent profitability. Based on these, we raise our forecast for 2022 , And we now anticipate adjusted EBITDA in the range of $ 7.8-8.2 billion and adjusted EBIT in the range of $ 6.3-6.7 billion



. We are excited to continue the company's extraordinary momentum, implement our global-niche strategy, advance Zim's position as a leader in digital innovation and technology in the shipping and logistics services industry, and deliver long-term value to shareholders. "

Investment in fleet expansion on green ships.

Glickman: "Puts Zim at the forefront of the trend to reduce carbon emissions in the global shipping industry" (Photo: PR)

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Source: walla

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