Hapag-Lloyd, a container shipping corporation, witnessed a significant drop in its earnings for the fiscal year 2023 due to poor revenues. The company's group profit fell to $3.19 billion, a huge dip from the previous fiscal year's $17.96 billion. The Group EBIT also showed a downward trend from $18.47 billion to $2.74 billion.
The company's EBITDA was $4.83 billion as compared to $20.47 billion a year ago. Overall, the year's revenues saw a decline, doing down to $19.39 billion from $36.40 billion in the last fiscal year.
Hapag-Lloyd's Executive Board and Supervisory Board have also decided to suggest a dividend of 9.25 euros per share for the fiscal year 2023 at the Annual General Meeting.
As for the projections for the fiscal year 2024, the company estimates the Group EBITDA to fall between $1.1 billion and $3.3 billion, and the Group EBIT to range from a negative $1.1 billion to a positive $1.1 billion.
In other news, Hapag-Lloyd's Supervisory Board has given a green signal for an early renewal of the contract of their Chief Executive Officer, Rolf Habben Jansen, extending it for five years till 31 March 2029. The contract term of the Chief Information Officer and Chief Human Resources Officer, Donya-Florence Amer, has also been extended for another five years up to 31 January 2030.
In the German stock market, Hapag-Lloyd shares witnessed a decrease of 1.86 percent, trading at 131.80 euros.
