CMA CGM Group profits rise to £429m in Q3

CMA CGM Group, a global transportation and shipping company, has announced £429m worth of profits for Q3 2020.

The company reported strong growth across the board for the three month period ended 30 September, as revenue grew by 6.1% compared to the same period last year.

The shipping section of the firm reported a 76.1% EBITDA growth in the quarter, while the EBITDA for logistics grew by 18.4%.

Rodolphe Saadé, chairman and CEO at the group, said: “In a favorable market environment for our industry, the group reported very strong financial and operating performances due to the full commitment of its teams. 

“Our shipping activity has seen a significant increase in volumes transported compared to the second quarter of 2020, and CEVA’s transformation plan starts to bear fruit.”

The firm attributed its strong economic performance to a number of reasons, including the pick-up in global activity following the easing of lockdown measures, strong e-commerce growth, and seasonal variations such as the Christmas peak.

Moving forward, the group has prepaid its outstanding bonds for 2021, and will prepay £561m of various debts in the coming weeks.

Saadé added that the company will continue to act with “agility” to the needs of its customers, in a “context of strong demand for the coming months”.

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