Zim Integrated Shipping Services Ltd. (NYSE: ZIM) reported record results for the third quarter of 2021 on the back of the boom in global container shipping.
The company reported net profit of $1.46 billion and earnings per share of $12.16, compared with $144 million or $1.36 per share in the third quarter of 2020, a year-over-year increase of 913% and 794%, respectively. Revenue for the third quarter of 2021 was $3.14 billion, 210% up from $1.01 billion in the third quarter of 2020.
Zim carried 884 thousand TEUs in the third quarter of 2021, up 16% from the corresponding quarter of 2021.
Eli Glickman, Zim President & CEO said, "The company's continued outstanding performance is a direct result of our team's strong execution and success proactively capitalizing on both the highly attractive market and our differentiated approach. The exceptional results we generated in the third quarter, reflect our highest ever quarterly revenues, adjusted EBITDA, net profit and operating cash flow. Importantly, we have once again delivered industry-leading margins, outperforming the sector's average."
He added, "Reflecting ZIM's strong outlook and extremely positive container liner market fundamentals, we have once again raised our full-year 2021 guidance. As an innovative digital leader of seaborn transportation and logistics services, we are well positioned for the future. Going forward, our unrelenting focus remains on further executing our global-niche strategy to achieve superior long-term profitability, while maintaining significant fleet flexibility, promoting our ESG values as we provide a best-in-class customer experience and taking advantage of compelling growth opportunities."
Zim's share price was up 7.4% in premarket trading on Wall Street at $53.80, giving a market cap of $6.34 billion, quadruple the valuation of its IPO last January.
Published by Globes, Israel business news - en.globes.co.il - on November 17, 2021.
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