Ocean Network Express (ONE) has published its operational results for Financial Year (FY) 2021, reporting a substantial increase in revenue.
In the fourth quarter of FY2021, the carrier saw its income amount to $3.4 billion.
For the full financial period (ending 31 March 2022), the company’s revenue came in at $30.1 billion, doubling the previous years $14.4 billion.
ONE also reported an EBITDA of $18.2 billion, an increase of 276 per cent compared to the $4.8 billion in FY2020.
The shipping line’s net profit was reported to be $16.7 billion, up 381 per cent compared to the $3.4 billion in the previous financial year.
“Ongoing trade developments and recent geo-political events are still creating operational bottlenecks in many parts of the world. ONE is focused on overcoming these challenges wherever possible,” said Jeremy Nixon, Chief Executive Officer for ONE.
“ONE closed out its FY2021 with a strong and exceptional profit performance. It also built back up its balance sheet and cash reserves to its highest level since its operational launch back in April 2018.
“Financials were consistently ahead of forecast over the entire year, and this was the third year of consecutive profitability. Earnings Before Interest and Tax margins were also ahead of ONE’s competitor industry pier group for the full 2021 calendar year.
“The outlook for the rest of 2022, however, remains cautious as there are still many trading uncertainties ahead in addition to further expected economic headwinds. Additionally, there is still a strong need for further investment in decarbonisation and digitalisation over the course of 2022 and beyond.”
ONE has not published any forecasts for FY2022 as a result of these supply chain uncertainties.
Earlier this month, ONE also announced a new partnership with Google Cloud to integrate artificial intelligence across its business.
The company said it aims to establish an AI Center of Excellence (CoE) by leveraging Google Cloud’s leading data analytics, machine learning (ML) and AI technologies, alongside advisory expertise from Deloitte Consulting Southeast Asia (Deloitte).