Zim Integrated Shipping Services, a company that was billions of dollars in debt just several years ago, is now one of the most profitable companies in Israel, according to financial results published on Wednesday.
The Haifa-based shipping and container company posted a net profit for the third quarter of 2021 of $1.46 billion compared to $144 million in the third quarter of 2020, a year-over-year increase of 913%.
Revenues for the third quarter of 2021 stood at $3.14 billion, compared to $1.01 billion in the third quarter of 2020, a year-over-year increase of 210%.
"We are very proud of ZIM's significant accomplishments since our IPO earlier this year,” said Eli Glickman, ZIM President and CEO. “The company's continued outstanding performance is a direct result of our team's strong execution and success proactively capitalizing on both the highly attractive market and our differentiated approach.”
“The exceptional results we generated in the third quarter, reflect our highest ever quarterly revenues, adjusted EBITDA, net profit and operating cash flow. Importantly, we have once again delivered industry-leading margins, outperforming the sector's average,” he continued.
Earlier this year, Zim said it was launching a new subsidiary called Ship4wd, a digital freight solution that gives small businesses the personal freedom, ease and control to better manage their imports and exports.Ship4wd will target US & Canadian small and medium-sized businesses (SMBs) importing from China, Vietnam and Israel.