CMA CGM has revealed its 2022 annual financial results. The highlights are:
- Revenue and operating profit up year-on-year.
- A year of accelerated development for the Group, driven by strategic acquisitions across the shipping and logistics value chain.
- Investments aimed at accelerating the Group’s energy transition, strengthening its social engagement and supporting corporates assets in its strategic markets, particularly in France.
- A marked slowdown in Q4 2022, that is expected to continue in 2023 as inflationary pressures weigh on consumption.
Commenting on the full-year 2022 results, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “Our Group achieved exceptional, historic results in 2022 that have enabled us to invest significantly in operations across our business, step up our energy transition and share the created value with our employees.
As trade returns to normal and freight rates decline, our strategy and recent investments will prove all the more relevant and allow us to look forward to 2023 with confidence.
Leveraging our financial strength and entrepreneurial spirit, we will continue to develop our operations in transport and logistics to meet the needs of our customers, who expect a group like ours to deliver the best service at the lowest possible cost, with the smallest environmental footprint.”
The Board of Directors met on March 3, 2023, and co-opted two new directors: Patricia Barbizet, President and founder of Témaris et Associés, and Jacques Ripoll, former Deputy Chief Executive Officer of the Crédit Agricole Group and currently Managing Partner of the Eren Group.
During this meeting, the Board of Directors approved the 2022 consolidated financial statements.
2022 highlights
A historic performance driven by exceptional circumstances
With the start of 2022 already impacted by post-Covid 19 congestions, major geopolitical tensions, most notably the Russian-Ukrainian conflict, then drove a sharp spike in energy costs, which in turn led to widespread inflationary pressures on consumer purchasing power, primarily in Europe but also in the United States. Economic growth, which began the year in full post-COVID-19 rebound, slowed in the second half as the post-pandemic shift in consumer spending towards services gathered momentum. These factors triggered a slowdown in freight demand, helping to gradually ease port terminal congestions, especially in the fourth quarter.
To address these challenges and its customers’ expectations, the CMA CGM Group pursued its strategy of strengthening its shipping, port, logistics and air freight capabilities, while undertaking a massive commitment to the energy transition. To this end, the Group reinvested almost 90% of its 2022 net profits in its industrial assets and capabilities, while also strengthening its balance sheet and enhancing its financial flexibility.
Click here for the data sheet.
For more information: cmacgm-group.com