Thursday, December 2, 2021

Maersk makes bumper $3.7bn second-quarter net profit

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Container giant’s coffers awash with cash after record-breaking performance.

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Denmark’s AP Moller-Maersk has made a record-breaking second-quarter net profit of $3.7bn on the back of soaring containership markets. In comparison, profits for the same period last year were $443m.

According to Soren Skou, the company’s chief executive, the remarkable performance has resulted from “exceptional circumstances”.

Revenue grew 58% to $14.2bn and Ebit was up almost five times at $4.1bn. Ebitda of $5bn was 7% above consensus.

Skou said congestion and bottlenecks continued to drive up freight rates, and costs had been higher than expected, but the cash surplus would enable Maersk to accelerate its transformation.

“We continue to build a higher quality Ocean business with more long-term contracts, a rapidly growing logistics business, and a value-creating terminals business.

“The outlook for Q3 is strong and we expect that the current momentum in Ocean will continue into Q4, also benefiting our terminals business,” Skou added.

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