CMA CGM achieves massive US$5.6 billion profits

CMA CGM Group has reported an astonishing surge in its profits during the third quarter of the year, reporting US$5.6 billion, while last year the company achieved US$567 million, according to the latest report.

The third-largest container carrier in the world has marked additional remarkable gains during the last quarter, with earnings before interest, tax, depreciation and amortisation (EBITDA) standing at US$7.1 billion which reflects to surge of almost 318% year-on-year.

At the same time, the French Group’s EBITDA margin was 46.4%, a 25.4 point increase compared with the third quarter of 2020, while consolidated revenue reached US$15.3 billion, representing a significant growth of more than 89%, mainly driven by the Group’s shipping activities.

Moreover, the Board of Directors of the CMA CGM Group noted that the net debt stood at US$11.9 billion on 30 September 2021, declined by US$4.9 billion from 31 December 2020, while just after the close of the quarter, on 15 October 2021, the Group redeemed its bond maturing in 2025 for an amount of €750 million (US$843.7 million).

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