(Reuters) - French container shipping group CMA CGM booked record revenue in 2018 as trans-Pacific goods traffic remained buoyant despite U.S.-Chinese trade tensions, but soaring oil prices cut deep into its profits, it said on Friday.And from the company:
The firm’s 2018 volumes rose by 9.3 percent and for the first time exceeded 20 million TEUs (Twenty-foot Equivalent Units) due to a strong performance of most of the shipping lines operated by the group, in particular the Transpacific, India/Oceania and Africa lines.
Full-year revenue grew 11.2 percent to a record $23.48 billion, with fourth-quarter revenue up 14.9 percent to $6.3 billion....MORE
Rodolphe Saadé accelerates the transformation of the CMA CGM Group with a strategic move in logistics: Full year 2018 financial results
- Acceleration of the digital transformation strategy
- Record revenue of USD 23.48 billion, up 11.2%, driven by strong volumes
- New cost reduction plan of USD 1.2 billion
Upon the release of the 2018 financial results, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, stated:
“In 2018, in a difficult environment, the Group posted a sharp rise in volumes and a record revenue of nearly USD 23.5 billion. Despite an increase in oil prices, our recurring EBIT margin remains considerably above the industry average.
We are pursuing our strategy of innovation and digital transformation in order to continue to offer excellent service to our customers and strengthen our performance.
In 2019, despite persisting geopolitical tensions, trade perspectives are positive. We will continue our development with the objective of improving profitability. That is why we are launching a new USD 1.2 billion cost reduction plan.
In addition, through the friendly public tender offer we are conducting on CEVA, our ambition is to become a world leader in both transport and logistics, thereby providing a complete and efficient service offer to our customers."
...MUCH MOREThe Board of Directors of the CMA CGM Group, a worldwide leading shipping group, met under the chairmanship of Rodolphe Saadé, Chairman and CEO, to approve the 2018 annual consolidated financial statements....
