CMA CGM witnesses revenue drop in Q1 2024

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CMA CGM witnesses revenue drop in Q1 2024

The CMA CGM Group has reported revenue of $11.8 billion in the first quarter of 2024, marking a 7 per cent fall.

Profits before interest, depreciation, and amortisation (EBITDA) came at $2.4 billion, a 30.3 per cent decrease from 2023 Q1 figures.

In addition, the company’s EBITDA margin fell 6.8 percentage points to 20.2 per cent. Furthermore, CMA CGM’s net income fell from $2 billion in 2023 Q1 to $785 million in the first quarter of 2024.

© CMA CGM

When it comes to shipping volumes, 5.6 million TEU in total were transported in the first quarter of 2024, an increase of 11.7 per cent over the previous year.

CMA CGM noted that the increase is due to stronger-than-expected global merchandise trade and cargo transportation demand, which is being driven by a rebound in consumption and inventory accumulation following the 2023 lows.

© CMA CGM

READ: CMA CGM revenues reach $56 billion in 2021

Consolidated revenue from marine shipping activities was $7.9 billion in the quarter, down 11.4 per cent year-on-year (YoY).

EBITDA reached $1.9 billion, 35.8 per cent lower than in the first quarter of 2023. EBITDA margin was 24.8 per cent, down 9.4 points. The average income per TEU was $1,400, down 20.7 per cent YoY.

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 first quarter of 2024. 

READ: CMA CGM revenue drops by nearly half in 2023

Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “Against a backdrop of industry normalisation, our Group has demonstrated its agility and resilience in adapting to new market conditions. Our shipping division turned in a solid performance, buoyed by restocking in China and the US.

“As for our logistics business, the acquisition of Bolloré Logistics gives us the critical mass we need to better withstand cyclical changes. In 2024, a year that remains uncertain due to the crisis in the Red Sea, CMA CGM will continue to meet its customers’ needs as effectively as possible. We will stay on course with our strategic investments, whether in decarbonisation or Artificial Intelligence.”  

Recently, CMA CGM introduced a new weekly service devoted to West Coast Central America.

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