Zim records strong Q3 results, to distribute dividend

“Given our significant cash generation, and consistent with our prioritization of returning capital to shareholders, we have declared this year over $1.26 billion, or $10.55 per share, in dividends"

 A fisherman travels on a boat with his family in front of the Zim Europa container ship, in the Suez canal near Ismailia port city.  (photo credit: REUTERS/AMR ABDALLAH DALSH)
A fisherman travels on a boat with his family in front of the Zim Europa container ship, in the Suez canal near Ismailia port city.
(photo credit: REUTERS/AMR ABDALLAH DALSH)

Zim, the Israeli shipping company, recorded a net income of $1.17 billion in its third quarter of 2022, continuing to deliver strong operating margins. The results for the first nine months of the year show an income of $4.2 billion.

In addition, given the cash generation, the company announced a dividend of $2.95 per share to investors.

"Our third quarter and nine-month 2022 results reflect outstanding execution and elevated profitability. While market conditions remained volatile, we delivered strong EBITDA and EBIT margins and generated net income of $1.17 billion in the third quarter,” said Eli Glickman, ZIM President & CEO. “Given our significant cash generation, and consistent with our prioritization of returning capital to shareholders, we have declared this year over $1.26 billion, or $10.55 per share, in dividends on account of 2022 results, including a Q3 dividend of approximately $354 million, or $2.95 per share."

Eli Glickman, president and CEO of ZIM. (credit: RAPOPORT PRIVATE NEWS)Eli Glickman, president and CEO of ZIM. (credit: RAPOPORT PRIVATE NEWS)

Glickman added, "Driven by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has shifted and the normalization in freight rates has begun. Based on our current market expectations, we now forecast 2022 adjusted EBITDA of between $7.4 billion to $7.7 billion and adjusted EBIT of between $6.0 billion to $6.3 billion, and note that both will once again represent full-year records."