The following release was published by CMA CGM:
- Further normalization of transport and logistics markets, return to 2019 pre-Covid conditions.
- Revenue and operating profit for third-quarter 2023 down significantly year on year.
- Financial strength to support the Group’s development, sustainability strategy.
- Operating cost discipline maintained.
The Board of Directors of the CMA CGM Group, a global player in sea, land, air and logistics solutions, met today under the chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the third quarter of 2023.
Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said:
“The industry continued to normalize in the third quarter, with a return to pre-pandemic market conditions. Our performance remained very solid however, confirming the relevance of our growth strategy in terminals and logistics. We are consequently more resilient as we enter this new cycle.
The slowdown in the global economy is expected to continue weighing on our industry in the period ahead, but volumes carried are still robust. We remain committed to controlling our operating costs, and are continuing to focus on decarbonizing and digitalizing the supply chain to best meet our customers' needs.”
Third-quarter 2023 operating and financial performance
First-half 2023 trends remained at play in the third quarter of 2023, with deteriorated market conditions in the transport and logistics industry.
Revenue stood at USD 11.4 billion in the third quarter of 2023, with a gradual rebalancing of contributions from the Group’s maritime shipping and logistics businesses. EBITDA came to USD 2.0 billion, 78.2% lower than in third-quarter 2022. EBITDA margin came in at 17.5%, down 28.5 points and net income for the Group amounted to USD 388 million. The debt net of financial resources totaled USD 0.1 billion at September 30, 2023.
The Group is continuing to invest in its operating assets and in the energy transition for shipping and logistics:
At the end of August 2023, CMA CGM completed its USD 2.8 billion acquisition of the GCT Bayonne and New York container terminals, renamed Port Liberty Bayonne and Port Liberty New York.
CMA CGM is pursuing its voluntary investments to diversify the energy mix of its vessels, aiming to achieve Net Zero Carbon by 2050. It has already invested more than USD 17 billion in a fleet of nearly 120 LNG- and methanol-powered ships to be delivered by 2027.
Source: CMA CGM