ZIM reports strong Q1 performance with USD 1.56B revenue
GLOBAL – ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced robust financial results for the first quarter of 2024, with revenues reaching USD 1.56 billion, marking a 14% year-on-year increase.
The company reported a net income of USD 92 million, a notable improvement from the net loss of $58 million in the first quarter of 2023.
Diluted earnings per share were USD 0.753, compared to a diluted loss per share of $0.50 in the same period last year. This turnaround was driven by an increase in freight rates and carried volume.
Adjusted EBITDA for the first quarter was USD 427 million, a 14% increase compared to the previous year. Operating income (EBIT) was USD 167 million, a significant leap from an operating loss of USD 14 million in the first quarter of 2023.
Eli Glickman, ZIM President & CEO, expressed satisfaction with the company’s performance, stating, “We are pleased with the current positive momentum in our business. ZIM’s solid first quarter results illustrate the incremental benefits from our strategic transformation and the outstanding execution of the ZIM team worldwide.”
ZIM carried 846 thousand TEUs (twenty-foot equivalent units) in the first quarter of 2024, up from 769 thousand TEUs in the first quarter of 2023. The average freight rate per TEU rose to USD 1,452 from USD 1,390, contributing to the revenue growth.
The company’s strategic efforts to revamp its fleet and enhance its cost structure have exceeded expectations, leading to profitable growth.
Glickman highlighted the significant improvement in global freight rates and the company’s ability to deliver on its strategic initiatives.
In line with its dividend policy, ZIM declared a dividend of $0.23 per share, totaling $28 million, which represents 30% of the quarterly net income.
Glickman commented on this, stating, “Having taken important steps to revamp our fleet and enhance our cost structure, which exceeded our expectations, we delivered profitable growth in Q1 2024.”
Despite the positive results, ZIM’s net debt increased to $3.11 billion as of March 31, 2024, from $2.31 billion at the end of 2023.
The net leverage ratio also rose to 2.8x from 2.2x over the same period. However, the company remains focused on maintaining financial stability while continuing to invest in its strategic growth initiatives.
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ZIM reports strong Q1 performance with USD 1.56B revenue
GLOBAL – ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced robust financial results for the first quarter of 2024, with revenues reaching USD 1.56 billion, marking a 14% year-on-year increase.
The company reported a net income of USD 92 million, a notable improvement from the net loss of $58 million in the first quarter of 2023.
Diluted earnings per share were USD 0.753, compared to a diluted loss per share of $0.50 in the same period last year. This turnaround was driven by an increase in freight rates and carried volume.
Adjusted EBITDA for the first quarter was USD 427 million, a 14% increase compared to the previous year. Operating income (EBIT) was USD 167 million, a significant leap from an operating loss of USD 14 million in the first quarter of 2023.
Eli Glickman, ZIM President & CEO, expressed satisfaction with the company’s performance, stating, “We are pleased with the current positive momentum in our business. ZIM’s solid first quarter results illustrate the incremental benefits from our strategic transformation and the outstanding execution of the ZIM team worldwide.”
ZIM carried 846 thousand TEUs (twenty-foot equivalent units) in the first quarter of 2024, up from 769 thousand TEUs in the first quarter of 2023. The average freight rate per TEU rose to USD 1,452 from USD 1,390, contributing to the revenue growth.
The company’s strategic efforts to revamp its fleet and enhance its cost structure have exceeded expectations, leading to profitable growth.
Glickman highlighted the significant improvement in global freight rates and the company’s ability to deliver on its strategic initiatives.
In line with its dividend policy, ZIM declared a dividend of $0.23 per share, totaling $28 million, which represents 30% of the quarterly net income.
Glickman commented on this, stating, “Having taken important steps to revamp our fleet and enhance our cost structure, which exceeded our expectations, we delivered profitable growth in Q1 2024.”
Despite the positive results, ZIM’s net debt increased to $3.11 billion as of March 31, 2024, from $2.31 billion at the end of 2023.
The net leverage ratio also rose to 2.8x from 2.2x over the same period. However, the company remains focused on maintaining financial stability while continuing to invest in its strategic growth initiatives.
For all the latest fresh produce industry news updates from Africa, the Middle East, and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.