Israeli shipping firm Zim sees 787% profit rise in 2021

Net income in the fourth quarter of 2021 alone was $1.71 billion, a 366% rise compared to the same quarter of 2020. Full year income was $4.65 billion.

 A Zim ship. (photo credit: Courtesy)
A Zim ship.
(photo credit: Courtesy)

Israeli shipping firm Zim saw a net income of $1.71 billion in the fourth quarter of 2021, a 366% increase compared to the profits of the same quarter in 2020, which were just $366 million.

In the full year, net income was a whopping $4.65 billion, a 787% increase from 2020's yearly net income of $524 million.

In terms of revenue, Zim saw a 155% increase in 2021's fourth quarter compared to the same quarter in 2020, amounting to $3.47 billion. In terms of the full year, the revenue totaled $10.73 billion, a year-over-year increase of 169%.

Dividends of $17 per share will be paid on April 4, 2022.

"2021 was a transformative year for Zim. We kicked off the year with listing our shares on the world's leading capital market in New York, and have not looked back since," Zim board of directors chairman Yair Seroussi said in a statement.

Zim cargo ship (credit: REUTERS)Zim cargo ship (credit: REUTERS)

"In 2021, we took important steps to best position Zim for long-term enduring growth and value creation for our shareholders. We remain focused on maintaining our strong execution and agility in 2022 and beyond while advancing the highest standards of corporate governance and responsibility," he said. 

"In our first year as the only global container liner listed on New York Stock Exchange, Zim has achieved historically extraordinary results and executed on commitments made during our IPO process," president and CEO Eli Glickman said.

"Today, Zim is commercially and operationally stronger than ever, making us more optimistic about our future than ever before," he said. "We are excited to carry the exceptional momentum of 2021 forward into 2022, and well beyond."