CMA CGM Group’s net income fell by 50 percent in Q2 2024 to $661 million, impacted by various investments.
The CMA CGM Group announced a significant drop in net income for the second quarter of 2024, reporting $661 million compared to $1.3 billion in Q2 2023. This decline was attributed to investments, including contributions to the Bpifrance endowment fund, a major port hub project in the West Indies, and the KYUTAI foundation, a European research lab dedicated to AI.
Despite the drop in net income, revenue rose by 7 percent to $13.1 billion, driven by stable shipping business revenue and increased logistics revenue, particularly from Bolloré Logistics. The group carried 5.98 million TEUs in Q2 2024, a 7 percent increase from the previous year, reflecting robust global trade.
CMA CGM also placed an order for 12 LNG vessels as part of its fleet renewal program, aiming for Net Zero Carbon by 2050. Consolidated maritime shipping revenue was $8.29 billion, while logistics operations brought in $4.8 billion. Other activities, including port terminals and air cargo, saw a 24 percent revenue increase to $601 million.
Chairman and CEO Rodolphe Saadé highlighted the group’s efforts to adapt to market challenges and continue investing in decarbonization and digital transformation.
