Zim container in New Zealand.
Despite the instability experienced by the maritime transport market in recent months, the company manages to maintain an excellent level of profitability (Photo: Anthony Gussenhoven)
Zim reports the company's results for the third quarter and the first nine months of 2022. The company reported a net profit of $1.17 billion in the third quarter;
continues to show very high operating
profitability rates .
The company reported record results for the period of the first nine months in 2022 including a net profit of 4.2 billion dollars.
The company announced a dividend distribution for the third quarter of 2022 in the amount of approximately $354 million, $2.95 per share, which constitutes 30% of the net profit for this quarter.
Main highlights for the third quarter of 2022
:
• The net profit in the third quarter amounted to $1.17 billion (compared to $1.46 billion in the corresponding period last year), or a diluted profit per share of $9.66 (compared to $12.16 in the corresponding period last year)
• The adjusted EBITDA in the quarter The third amounted to 1.93 billion dollars, a decrease of 7% from the corresponding period last year
The operating profit (EBIT) in the third quarter amounted to $1.54 billion, a 17% decrease from the corresponding period last
year
. In the third quarter, a decrease of 5% from the corresponding period last year
• The average freight price per container (TEU) in the third quarter was $3,353, an increase of 4% from the corresponding period last year
• Net leverage ratio 1 (Net leverage ratio) of .00x as of September 30, 2022, similar For the leverage ratio as of December 31, 2021
• The company announced a dividend distribution in the amount of approximately $354 million, or $2.95 per share, an amount representing 30% of the net profit for the third quarter.
• The company announced the signing of a ten-year LNG (liquefied natural gas) purchase agreement with Shell for LNG-powered ships that will serve on the Asia-East US trade line.
Eli Glickman, President and CEO of Zim (Photo: RAPOPORT private news productions)
"To position society in the best possible way during the "new normal" period.
Eli Glickman, President and CEO of Zim
said: "The results of our third quarter and first nine months of 2022 reflect excellent performance and very high profitability.
While market conditions remained volatile, we achieved high EBIT and EBITDA margins, recording a net profit of $1.17 billion in the third quarter.
In view of our significant cash flow, and in accordance with the priority we place on returning value to our investors, this year we declared dividends in the amount of more than $1.26 billion, or $10.55 per share, for the 2022 results, including a dividend of approximately $354 million for the third quarter, which is About $2.95 per share."
Glickman added, "Due to geopolitical and macroeconomic uncertainty, the short-term outlook for the shipping industry has changed, and the normalization of freight rates has begun. Based on our current market expectations, we now expect 2022 adjusted EBITDA to be between 7.4 and 7.7 billion dollars, and the adjusted EBIT between 6.0 and 6.3 billion dollars, and let's remember that both are a record in annual terms."
"The proactive steps we have taken in the past two years have changed ZIM and, together with our strong balance sheet, have significantly improved our durability, both commercially and operationally, in order to position the company in the best possible way during the 'new normal' period in shipping.
While we remain committed to the global niche strategy (global-niche) focusing on attractive trade routes, we opened a large number of new lines during this period,
In addition, we have identified complementary growth engines for our container transportation activities, such as vehicle transportation activities and digital shipping services, through our subsidiary.
We have also ensured the availability of new, competitive and efficient ships to support our commercial strategy and advance our and our customers' ESG agenda."
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