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ZIM Integrated Shipping | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Mar 13 07:13
Summary by Moomoo AI
On March 13, 2024, ZIM Integrated Shipping Services Ltd. reported its financial results for the fourth quarter and full year of 2023. The company experienced a net loss of $147 million for the fourth quarter, a significant decline from the net profit of $417 million in the same period of the previous year. The full-year results showed a net loss of $2.69 billion, including a substantial non-cash impairment loss of $2.06 billion. This contrasts sharply with the net profit of $4.63 billion reported for 2022. The company's revenue for the full year was $5.16 billion, a decrease of 59% from the previous year. Adjusted EBITDA for the full year was $1.05 billion, with an Adjusted EBIT loss of $422 million, both in line with the company's guidance. ZIM's...Show More
On March 13, 2024, ZIM Integrated Shipping Services Ltd. reported its financial results for the fourth quarter and full year of 2023. The company experienced a net loss of $147 million for the fourth quarter, a significant decline from the net profit of $417 million in the same period of the previous year. The full-year results showed a net loss of $2.69 billion, including a substantial non-cash impairment loss of $2.06 billion. This contrasts sharply with the net profit of $4.63 billion reported for 2022. The company's revenue for the full year was $5.16 billion, a decrease of 59% from the previous year. Adjusted EBITDA for the full year was $1.05 billion, with an Adjusted EBIT loss of $422 million, both in line with the company's guidance. ZIM's President & CEO, Eli Glickman, highlighted the company's resilience in the face of weakened market conditions and operational challenges throughout 2023. Glickman also emphasized the progress in ZIM's strategic transformation, including fleet renewal with a focus on more sustainable and fuel-efficient vessels. For the full year of 2024, ZIM forecasts an Adjusted EBITDA of $850 million to $1.45 billion and an Adjusted EBIT ranging from a loss of $300 million to earnings of $300 million.

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