ISRAELI flag carrier zim posted a 190 per cent year on year increase in first quarter net profit of US$1.7 billion, drawn on revenues of $3.7 billion, up 113 per cent.
‘We maintained our strong trajectory in the first quarter,’ said company president and CEO Eli Glickman. ‘We increased our carried volume when overall industry volume decreased.
‘Our balance sheet remains very strong, with a positive net cash position combined with shareholder equity of $4.3 billion at the end of the quarter,’ Mr Glickman said.
Zim declared a cash dividend of $342 million, or $2.85 per ordinary share, 20 per cent of first quarter net income and payable on June 8.
Said Mr Glickman: ‘Our full year 2022 guidance, and now expect to generate adjusted EBITDA between $7.8 billion and $8.2 billion and adjusted EBIT between $6.3 billion and $6.7 billion.’
