French shipping company CMA CGM has announced its performance for 2012 after a financial review with the board of directors under chief executive officer and chairman Jacques R. Saadé.
In a media release, the company stated that its consolidated revenue rose from US$14.9bn in 2011 to US$15.9bn in 2012, an increase of 7 per cent. This was attributed to the growth in volumes transported from 10m twenty-foot equivalents (TEUs) in 2011 to 10.6m in 2012, a rise of 6 per cent.
The company also emphasised its successful action plan for saving US$800m in 2012, which it stated was reached ahead of schedule.
CMA CGM’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) subsequently registered a dramatic increase of 82 per cent year-on-year to US$1,324m, with a net profit of US$361m. This also gave them the highest operating margin of the industry yet announced at 6.3 per cent.
The company announced its notable achievements for the year which contributed to its strong financial performance as selling 49 per cent of Terminal Link for €400m, securing equity injections worth €250m and forming agreements regarding its debt restructuring.
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