The Marseille-based CMA CGM Group, a global player in shipping and logistics, reports profit growth for 2022, despite a marked slowdown in business since the fourth quarter. The French giant experienced a marked slowdown in fourth quarter of 2022, that is expected to continue in 2023, as inflationary pressures weigh on consumption.
Fourth-quarter earnings decelerated at CMA CGM, but it was not enough to keep the French shipping giant from delivering profit growth for 2022.
The company saw a net income for the year 2022 of USD 24.88 billion, which represents a 6.99% growth, in comparison with the year 2021 which was USD 17.89 billion.
The company reported a fourth quarter net income, Group share of $3.04bn, approximately a 3.7% decline on the same period of 2021.
The top management of the company said “economic growth, which began the year in full post-Covid-19 rebound, slowed in the second half, as the post-pandemic shift in consumer spending towards services gathered momentum.”
Furthermore the full-year 2022 revenue stood at USD 74.5 billion, a 33% increase versus 2021, led by the Group’s maritime shipping business.
The year 2022 was a period of development for CMA CGM driven by strategic acquisitions across the shipping and logistics value chain.
As market conditions in the transport and logistics industry continue to deteriorate, the company is closely monitoring the evolutions in the economic and geopolitical situation, despite the limited visibility over the rest of the year.
“The Group remains confident in its ability to weather the cycle thanks to the diversification of its businesses and its financial strength,” as it is said in its 2022 annual financial report.
Last year the company made investments in its terminal portfolio with the announcement of the acquisition of two strategic terminals at the Port of New York, GCT Bayonne and GCT New York. The Group also owns 100% of the Fenix Marine Services terminal in the Long Beach/Los Angeles port area, the US’s leading West Coast import gateway.
As CMA CGM reports almost 90% of the year’s profits are being reinvested, to share the created value with its employees, to support French companies, and to accelerate the energy transition.
