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August 18, 2022

ZIM first half earnings grow on higher freight rates

The firm’s EBIT for Q2 2022 was $1.76bn.

Israel-based ZIM Integrated Shipping Services has reported a net income of $3.05bn in the first half of the year, a 50% surge compared with $1.48bn in the same period last year.

Benefitting from increased freight rates, its total revenue jumped from $4.13bn to $7.15bn over the period.

Its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased from $2.16bn to $4.63bn, while the firm’s operating income (EBIT) soared from $1.85bn to $4.01bn.

The company reported adjusted EBITDA and adjusted EBIT margins of 65% and 56%, respectively, in the first half of this year versus 52% and 45%, respectively, during the corresponding period of 2021.

ZIM posted a net income of $1.34bn in the second quarter of the year, as against $888m in the same quarter of 2021. Its net income in the second quarter also covered a tax expense of $401m compared with $224m in the second quarter of last year.

The firm’s EBIT for the three-month-period ending 30 June was $1.76bn, as against $1.16bn in the second quarter of 2021, due to higher revenues.

Adjusted EBITDA increased from $1.34bn to $2.1bn over the period, while adjusted EBIT rose from $1.16bn to $1.76bn.

The company posted total revenues of $3.43bn in the second quarter, as against $2.38 during the same period last year, mainly due to higher freight rates.

It forecasts adjusted EBITDA of $7.8bn to $8.2bn, as well as adjusted EBIT of $6.3bn to $6.7bn, for the full year.

ZIM president and CEO Eli Glickman said: “Despite the backdrop of various challenges, based on our strong performance in the year to date, coupled with spot and contract rates that remain highly profitable, we are reaffirming our 2022 guidance, which would mark another year of record earnings and profitability.”

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