The CMA CGM Group reviewed its financial statements for the second quarter of 2022, showing a solid performance in spite of challenging global supply chains environment.
Revenue stood at $19.5 billion in the second quarter of 2022, a year-on-year change of 57 per cent. The result was mostly driven by the Group’s maritime shipping business.
EBITDA came to $9.6 billion, representing a margin of 49.2 per cent.
Net income more than doubled to $9.6 billion.
In the container sector, throughput totalled 5.6 million TEU, down 1.3 per cent from the prior-year period. Volume growth is currently being dampened by the congestion in ports and overland supply chains, which has led to longer vessel transit times according to the Group.
Revenue from the maritime shipping operations amounted to $16 billion, with a sharp rise in EBITDA to $9.1 billion for the period.
Operating costs increased by more than 22 per cent year-on-year.
CMA CGM’s logistics operations reached total revenue of $3.8 billion in Q2 2022, while EBITDA came to $340 million.
“During the second quarter, we continued to accelerate our strategy and our transformation around our two pillars: shipping and logistics,” said Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group.
“With the acquisitions of Ingram Micro CLS, Colis Privé and GEFCO and the strategic partnership with Air France-KLM, we have reached a new milestone in offering our customers a service that spans the entire supply chain.”
“The global decline in consumer spending, which was already perceptible this summer, will lead to more normal international trade conditions in the second half as well as to a downturn in shipping demand,” added Saadé.
“We will continue to invest both in our development and in the energy transition, which is more important than ever.”
The Group noted that acute pressure on the global supply chain has curbed both effective capacity in the global fleet and the Group’s operations since the beginning of the year.
Widespread port congestion is impacting quality of service and the sharp increase in energy costs – combined with rising commodity prices – is weighing on consumer spending, posing a threat on the outlook for growth in world trade.
The sum showed a 78 per cent increase over the Group’s 2020 financial results and was driven mainly by its shipping activities.