CMA CGM 2024 net income up 57% on shipping boost
Milestone in logistics development with the integration of Bolloré; Uncertain geopolitical environment in 2025.
CMA CGM Group reported a net income of $5.71 billion for 2024, an increase of 57 percent from $3.64 billion reported in 2023.
Full year 2024 revenue increased 18 percent to $55.5 billion, "led by the performance of the Group’s container shipping activities," says an official release.
The Group carried 23.6 million TEUs in 2024, an increase of 7.8 percent from 2023, driven by sustained demand, the release added. "Revenue from the container shipping operations was up by 16.2 percent year-on-year to $36.5 billion, supported by a 7.7 percent rise in average revenue per TEU for the year to $1,549."
Revenue from the logistics business increased by 20.9 percent YoY to $18.4 billion, primarily due to the integration of Bolloré Logistics.
Revenue from other activities (including CMA CGM Air Cargo) was up 43 percent to $2.9 billion, "driven in particular by changes in the scope of consolidation and a good performance by the terminal’s portfolio."
Rodolphe Saadé, Chairman and Chief Executive Officer, CMA CGM Group says: "Our Group has delivered strong results this year, driven by our shipping activities. Our logistics business has also performed well, supported by the strategic investments made in recent years. In 2025, in a context of heightened geopolitical tensions and unprecedented uncertainty, our Group will continue to strengthen its position with an expanding low-carbon fleet, state-of-the-art infrastructure, and a workforce trained to tackle the challenges ahead. With these solid foundations, I am confident in our ability to adapt and continue delivering exemplary service to our customers."
2024 highlights
* The Group took delivery of 12 new liquefied natural gas (LNG)-fueled vessels, the release added. "To achieve Net Zero Carbon by 2050, the Group has invested nearly $20 billion to order LNG and methanol-powered ships and will have 153 ships capable of using low-carbon energies (biogas, biomethanol and synthetic fuels) in its fleet by 2029."
*The Group signed an agreement to acquire around 48 percent of Santos Brasil, the leading port infrastructure operator in Brazil and owner of the largest container terminal in South America.
*The Group signed a joint partnership agreement with Marsa Maroc to operate part of the Nador West Med container terminal and inaugurated the Khalifa terminal in Abu Dhabi.
*CEVA Logistics increased its presence in Saudi Arabia by signing a joint venture agreement with Almajdouie Logistics to provide integrated end-to-end logistics services to Saudi companies.
*CMA CGM Air Cargo, now operating independently, continued its expansion by taking delivery of its third Boeing 777-200F, deployed on a new transpacific route connecting Asia to North America.
2025 outlook
Stable global economic growth of around three percent is expected for 2025, the release added. "Global trade for goods should grow at the same rate as GDP. Nevertheless, the prospect of higher tariffs announced in the United States could have an impact on trade and lead to a reorganisation of global supply chains in the medium term.
"In addition, deliveries of new vessels, combined with any developments in the Red Sea situation, will be decisive factors in shaping the market. In this environment, the Group is paying close attention to the changing economic and geopolitical situation, while remaining confident in its ability to weather the cycle, thanks to its business diversification and financial strength."
