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Global shipping and logistics giant Wallenius Wilhelmsen delivered record financial results for 2024, with net profit reaching US $1.06 billion, marking a significant increase from $967 million in 2023.
The company’s adjusted EBITDA climbed to $1.9 billion, up from $1.8 billion in the previous year. Total revenue reached $5.3bbillion, representing a 3% increase compared to 2023.
Despite facing capacity constraints due to vessel re-routing via the Cape of Good Hope, which led to an 8% decline in shipping volumes, the company offset these challenges through increased average rates.
“2024 has been a strong year for Wallenius Wilhelmsen. Our safety statistics are strengthened, our customers are happier with our services and our global team is more engaged,” said CEO Lasse Kristoffersen. “Our emissions continue to be reduced year over year, and we delivered the best financial results in our history.”
The logistics segment demonstrated robust growth, with revenues increasing by 5% to $1.2 billion, benefiting from improved supply chain conditions. Government revenue saw a substantial 32% increase to $427 million, primarily driven by increased U.S. flag cargo activity.
In a significant move for shareholders, the company announced its highest-ever dividend payment, with $1.24 per share approved for the second half of 2024, amounting to a total payout of $524 million. The total dividend linked to 2024 earnings stands at $1.85 per share.
Looking ahead, Wallenius Wilhelmsen secured several major contracts in 2024, including a renewed five-year agreement with Hyundai/Kia valued at approximately $4.2 billion, which increases their share of the automaker’s export volume to 50%.
The company continues to demonstrate its commitment to sustainability, with scope 1 shipping emissions reduced by 1% year-on-year and 7% since the base year. Their GHG intensity of 60.56 gCO2e per tonne-nm exceeded performance targets.
Kristoffersen expressed optimism about the company’s future: “From a solid financial position, with a substantial book of business, and strong partnerships, we are well-positioned for 2025 and expect that to be another strong year.”
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