Shipping and container freight firm Hapag-Lloyd has posted an operating profit of €811 million for the 2019 financial year, up from €444 million a year earlier – an increase of more than 80%.
The company's EBITDA rose to €1.99 billion for the year, up from €1.14 billion a year earlier, driven by 'improved freight rates as well as rigorous cost and revenue management', it said.
Revenues Up
Revenues were up 9% for the year, to €12.6 billion (up from €11.6 billion a year earlier); again driven by an improved average freight rate, which was up 2.6% year on year, due to a 'stronger focus on more profitable trade lanes and active revenue management', the company said.
In addition, a 1.4% year-on-year increase in transport volumes, to more than 12 million TEU (2018: 11.9 million TEU), as well as a stronger US dollar exchange rate against the euro, also made a positive contribution to revenue, it noted.
Hapag-Lloyd will publish its 2019 annual report, as well as its outlook for the coming year, on 20 March.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
