HMM hits three-fold growth at $11 billion for 9M 2022

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HMM hits three-fold growth at $11 billion for 9M 2022

Hyundai Merchant Marine (HMM) has hit KWR5.1 billion ($3.73 billion) in revenue for the third quarter of 2022 despite economic slowdown.

The figure stands at a 27.1 per cent surge compared to the same period last year.

Operating profit for Q3 came at KWR2.6 billion ($1.9 billion), or a 14.5 per cent year-on-year increase.

HMM registered a consolidated net profit of KWR2.6 billion ($1.9 billion) in the same period, up 13.3 per cent from a year earlier.

READ: HMM rolls out cash spending vision with $11.5 billion investment plan

For the first nine months of this year, HMM recorded total revenue of KWR15 billion ($10.9 billion) and operating profit of KWR8.6 billion ($6.2 billion), accounting for a 61 per cent and 85.7 per cent year-on-year increase respectively.

Net profit for the period registered a three-fold surge to KWR8.6 billion ($6.2 billion), or a 225 per cent increase over last year.

© HMM

The company owed its success to a favourable market situation and numerous efforts to improve profitability despite widespread inflation and geopolitical tensions.

READ: Guangzhou fears lockdown as COVID-19 cases hit 2,000 mark

HMM forecasts global container volume might be negatively affected in the upcoming months due to a shift in consumer spending to the service sector, weaker purchasing power and increased inventory of major retailers.

A sharp drop in container shipping rates is also expected to have a negative impact on the company’s Q4 results.

In September, HMM signed a new multi-year agreement with CEVA Logistics to expand cooperation.

The company was already an existing ocean carrier for CEVA. The newly signed agreement will now extend the cooperation to 2025 and brings CEVA’s strategic ocean partner network to 14 global and regional carriers.

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