CMA CGM reported a net profit of $7 billion in the third quarter, down slightly from the previous quarter but up 25% from last year, even as global trade began to show signs of slowing, the French group said on Friday. : This result came on the back of turnover of $19.91 billion, an increase of almost 30% compared to the previous year, the shipowner said, but it is preparing for a more difficult situation, given the explosion in energy prices, which is straining household budgets. and slows consumption. particularly in Europe.
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The world’s third-largest shipowner posted a net profit of $21.8 billion year-to-date, up from $17.9 billion for the full year 2021. A record figure that puts CMA CGM on par with other French giants such as TotalEnergies or pharmaceutical group Sanofi, which the left wants to put under the roof “super profits“. “Currently, we are seeing a decline in demand, which is leading to the normalization of international economic exchanges and a significant drop in freight rates.“, however, noted the group’s CEO Rodolphe Saade, quoted in the press release of the group’s results.
Confident 2023
The shipowner’s gross operating surplus (Ebitda), a measure of operational performance, fell slightly between the second and third quarters of 2022 (-4.6% to 9.15 billion), in particular due to the normalization of freight rates, which are gradually returning to their ex. – The level of covid after the outbreak during the epidemic. “The deterioration of the geopolitical context also affected the CMA CGM group“, the group elaborates, which amounts to 822 million dollars in one year increase in the prices of energy carriers for the owner of the ship.
However, CMA CGM is confident as 2023 approaches an uncertain year for the economy and global trade. The debt was reduced to 78 million dollars on September 30, compared to 5.3 billion three months ago. The group intends to continue investing, particularly in greening its fleet of more than 580 ships. In recent months, it has also used its record profits to invest across the board (Eutelsat, Air France-KLM) or buy companies in logistics (Colis Privé, Gefco, etc.) and media (La Provence). The Marseille shipowner will also be the jersey sponsor of Marseille’s Olympique from next summer.
The acquisition of French car carrier Gefco contributed to strong growth in CMA CGM’s logistics division, which posted a turnover of $4.34 billion (+51.3% year-on-year). CMA CGM also recently acquired the port terminal at Nhava Shewa (West Indies) and is looking to double its air cargo fleet, which currently consists of six aircraft, by 2026.
Source: Le Figaro
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