ZIM Integrated Shipping Services posted net income of US$563 million for the fourth quarter of 2024, compared to a net loss of US$147 million in the fourth quarter of 2023, or diluted earnings per share of US$4.664 compared to diluted loss per share of US$1.23 in Q4 2023.
Net profit for the full year was US$2.15 billion compared to a loss of US$2.69 billion for the full year of 2023. Net loss for the full year of 2023 was primarily driven by a non-cash impairment charge of US$2.06 billion.
Adjusted gross operating profit for the Q4 2024 was US$967 million, a year-over-year increase of 409 per cent. Adjusted gross operating profit for the full year was US$3.69 billion, a year-over-year increase of 252 per cent.
Operating income (EBIT) for the fourth quarter was US$658 million, compared to operating loss of US$54 million in Q4 2023. Operating income for the full year of 2024 was US$2.53 billion, compared to operating loss of US$2.51 billion for the full year of 2023.
Adjusted operating income for the fourth quarter was IS$658 million, compared to adjusted operating loss of US$49 million in the fourth quarter of 2023. Adjusted operating income for the full year of 2024 was US$2.55 billion, compared to adjusted operating loss of US$422 million for the full year of 2023.
The company's revenues for the fourth quarter were US$2.17 billion, a year-over-year increase of 80 per cent. Revenues for the full year were US$8.43 billion, a year-over-year increase of 63 per cent.
Carried volume in the fourth quarter was 982,000 TEUs, a year-over-year increase of 25 per cent; carried volume in the full year was 3.751 million TEUs, a year-over-year increase of 14 per cent.
"Based on our continued progress upscaling our capacity and optimizing our cost structure, we reported our best results ever, excluding the extraordinary COVID period," said Eli Glickman, ZIM President and CEO.
"With larger vessels well-poised to meet emissions reduction targets and tailored to the trades in which we operate, we increased carried volumes 14 per cent year-over-year, compared to average market growth of approximately six per cent, while delivering superior margins,"
ZIM expects that in 2025, it will generate adjusted gross operating profit of between US$1.6 billion and US$2.2 billion and adjusted operating profit of between US$350 million and US$950 million.