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Revenue in 2022 rose 32% to US$81.5 billion and EBIT surged 57% to $30.9 billion, an extraordinary financial performance in line with full-year guidance
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Maersk sped up business transformation, expanding its integrated logistics capabilities by acquiring Pilot, Senator and LF Logistics, organically growing Logistics by over 20%
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70% of Maersk’s top 200 customers have set carbon goals and supporting them in reaching these goals is core to Maersk’s ESG strategy
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Maersk gives 2023 full-year EBIT guidance of $2-5 billion
A.P. Moller-Maersk reported on February 8 its “best result in history” of US$81.5 billion revenue in 2022, up 32% year on year, which propelled EBIT by 57% to $30.9 billion as historically high shipping rates continued into the first half of last year amid strong demand.
The Danish transport and logistics giant’s new chief executive Vincent Clerc, announcing the results from Maersk’s Copenhagen headquarters, described 2022 as “an exceptionally strong year [that produced] the best financial result in the history of the company”.
“The unprecedented financial results were driven by solid performance across all businesses during the abnormal market conditions in the first part of the year,” Clerc said in a statement.
The shipping giant, which announced last week it will be decoupling in January 2025 from its 2M alliance with MSC, said easing congestions and declining consumer demand led to a significant de-stocking in all segments that of the ocean market in the final stretch of the year.
“2022 was remarkable in more than one way. While we report the best financial result in the history of the company, we have also taken the partnerships with our customers to a new level by supporting their supply chains end to end during highly disruptive times,” Clerc said.
“Our commitment to provide visibility and truly integrated logistics solutions continues to resonate strongly with our customers for whom it is a strategic imperative to make their supply chains more resilient and sustainable.”
He said Maersk is determined to speed up its business transformation and increase its operational excellence to seize the unique opportunities ahead.
In 2022, Maersk’s ocean business delivered its best result in history, with revenue up 33% due to high freight rates and strong demand, particularly in the first half.
Logistics & services revenue increased 47%, with an organic contribution of 21% coming primarily from the top 200 customers as the business continues to develop integrated solutions to meet end-to-end supply chain needs.
Growth was particularly strong in warehousing where the footprint more than doubled to 7.1 million square meters, with the buyout of LF Logistics alone adding 198 warehouses or 3.1 million sqm.
In Terminals, EBIT adjusted for the Russia exit reached a record of $1.2 billion, supported by solid volumes growth and high congestion related storage income.
The board proposed a dividend payout of DKK 1,000 per share for shareholders of DKK4,300 per share of DKK 1,000, representing a dividend yield of 27.5%, to be paid after the annual general meeting on March 31.
For the full year 2023, Maersk expects an underlying EBITDA of $8-11 billion, an underlying EBIT of $2-5 billion, and free cash flow of at least $2 billion. The capital expenditure guidance for 2022-2023 of $9-10 billion is maintained.
