Hapag-Lloyd FY23 Results Plunge; Warns On FY24 Earnings; Proposes Dividend

(RTTNews) - Hapag-Lloyd Aktiengesellschaft (HLAGF), a container shipping company, reported Thursday a significant decrease in fiscal 2023 earnings with weak revenues.

Group profit plunged to $3.19 billion from last year's $17.96 billion. The Group EBIT was $2.74 billion, down from $18.47 billion last year.

Hapag-Lloyd Group EBITDA stood at $4.83 billion, compared to $20.47 billion a year ago.

Revenues for the year fell to $19.39 billion from $36.40 billion last year.

Further, the Executive Board and Supervisory Board have decided to propose to the Annual General Meeting a dividend of 9.25 euros per share for 2023.

Looking ahead for fiscal 2024, the company expects the Group EBITDA to be in the range of $1.1 billion to $3.3 billion and the Group EBIT to be in the range of minus $1.1 billion to plus $1.1 billion.

Separately, the Supervisory Board of Hapag-Lloyd has approved an early renewal of the contract of Chief Executive Officer Rolf Habben Jansen, which runs until 31 March 2027, for five years, until 31 March 2029.

In addition, the Supervisory Board has agreed to extend the contract of Chief Information Officer and Chief Human Resources Officer Donya-Florence Amer for another five years, to 31 January 2030.

In Germany, Hapag-Lloyd shares were trading at 131.80 euros, down 1.86 percent.

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