CMA CGM hits $25 billion profit, predicts market deterioration in 2023

The CMA CGM Group has reported impressive financial results for the full year 2022, with revenues rising 33 per cent over the year prior.

The company achieved $74.5 billion in revenues. The EBITDA margin increased by 3.4 points from the previous year, with EBITDA reaching $33.3 billion, representing a margin of 44.7 per cent.

The net income for the year amounted to $24.9 billion.

The company’s maritime shipping business led the growth, with revenue rising by 30.1 per cent year-on-year to $58.9 billion.

The transportation of 21.7 million TEU resulted in a slight decline of 1.3 per cent from the previous year.

In February, the company entered into exclusive discussions with the STEF group to wholly acquire La Méridionale, a maritime company for mixed freight and passenger transport in Marseille.

In December 2022, CMA CGM signed an agreement to acquire Bayonne and New York terminals currently held by Global Container Terminals Inc. (GCT), aiming to support US East Coast supply chain growth and expand its footprint in the US market.

READ: CMA CGM launches new African intermodal solution

Looking ahead, the group anticipates a deterioration across the transport and logistics industry’s market, with a challenging balance between supply and demand as capacity increases, and demand prospects remain uncertain.

“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,” said Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.

“As trade returns to normal and freight rates decline, our strategy and recent investments will prove all the more relevant, and we can look forward to 2023 with confidence.”