ZIM reports record results for the third quarter of 2021: net income of $ 1.46 billion

ZIM reports record results for the third quarter of 2021: net income of $ 1.46 billion and adjusted EBITDA of $ 2.08 billion. The Company has announced a transition to a quarterly dividend distribution policy; Announcement of $ 2.50 dividend per share for the third quarter, accounting for approximately 20% of net income for the quarter. It was also announced that the company will distribute an expected annual dividend of 30-50% of the total net profit of 2021 which will be distributed in 2022.
• Net income for the third quarter was $ 1.46 billion, or $ 12.16 per share on a diluted basis compared to $ 144 million, or $ 1.36 per share on a diluted basis in the same quarter last year, an increase of 913% and 794% respectively.
• Adjusted EBITDA 1 in the third quarter amounted to $ 2.08 billion, compared to $ 262 million in the corresponding quarter last year, an increase of 693%.
• Operating profit (EBIT) in the third quarter totaled $ 1.86 billion, compared to $ 189 million in the same quarter last year, an increase of 884%. The adjustments between operating profit (EBIT) and adjusted EBIT in the third quarter were negligible.
• Revenue in the third quarter totaled $ 3.14 billion, compared to $ 1.01 billion in the same quarter last year, an increase of 210%.
• ZIM led 884,000 containers (TEU) in the third quarter of 2021, an increase of 16% from the same quarter last year.
• The average transport price per container (TEU) in the third quarter of 2021 was $ 3,226, an increase of 174% from the corresponding quarter last year.
• Net leverage ratio of 0.0x as of September 30, 2021, compared to 1.2x as of December 31, 2020.
• The company announced a policy of paying dividends on a quarterly basis at a rate of approximately 20% of the quarter's net profit, with the fourth quarter dividend amounting, plus the quarterly dividends distributed, at 30-50% of the annual net profit. The Company announced a cash dividend of approximately $ 296 million, or $ 2.50 per ordinary share (reflecting a rate of approximately 20% of the net profit for the third quarter of 2021), to be paid on December 27, 2021 to the Company's shareholders.
• The company announced a strategic agreement and exercise of an option, with Seaspan, for the long-term lease of a total of 15 natural gas-powered "green" ships, with a transport capacity of 7,000 containers (TEU). This agreement is another illustration of Zim's commitment to reducing the company's carbon footprint.
• During the quarter and after the end of the quarter, the Company purchased eight (8) second-hand ships at a total cost of approximately $ 355 million.