A.P. Moller-Maersk has reported robust financial results for 2024, demonstrating growth across all its segments and a significant improvement in profitability, with EBIT increasing by 65% to USD 6.5 billion.
These results were fuelled by higher container demand and elevated freight rates within its Ocean segment, top-line and volume growth in Terminals, and solid improvements across most Logistics & Services products.
Bolstered by these strong results and a healthy balance sheet, the Board of Directors has proposed a dividend of DKK 1,120 per share and separately announced a share buy-back programme of up to approximately USD 2 billion over the next 12 months.
“Our ability to navigate fluctuating circumstances and maintain steady supply chains for our customers was tested throughout 2024,” said Vincent Clerc, Chief Executive Officer.
“Our efforts were rewarded with record-high customer satisfaction. We successfully capitalised on increased demand while simultaneously enhancing productivity and rigorously managing costs – all of which contributed to our strong financial performance.
With three robust businesses – Ocean, Logistics & Services, and Terminals – combined with integrated offerings across the supply chain, we are uniquely positioned to support our customers in an era where geopolitical changes and disruptions continue to underscore the need for resilient supply chains,” Clerc added.
The group said its Ocean business profitability improved year-on-year, driven by a significant increase in freight rates reflecting the Red Sea situation and strong volume demand.
High utilisation rates and cost discipline ensured streamlined Ocean operations, enabling them to navigate uncertainties effectively.
Operational costs remained stable year-on-year, offsetting the increased costs and additional bunker consumption resulting from re-routing the network south of the Cape of Good Hope.
Logistics & Services demonstrated resilience in 2024, building momentum steadily each quarter and culminating in volume growth, higher revenue, and an improved EBIT margin compared to 2023.
Revenue grew by 7%, supported by solid growth in Warehousing, Air, and First Mile product categories, while profitability benefited from progress in most products.
Terminals delivered its best-ever financial results in 2024, with EBITDA and EBIT reaching record highs.
This achievement was driven by substantial top-line growth due to strong volumes coupled with inflation-offsetting tariff increases, an improved customer and product mix, and higher storage revenue.
Maersk’s guidance for 2025 is based on the expectation of approximately 4% global container volume growth, with Maersk anticipating growth in line with the market.
The financial guidance assumes the Red Sea re-opens mid-year for the low end of the guidance and by year-end for the high end.
The outlook for 2025 remains subject to considerable macroeconomic uncertainties that could impact container volume growth and freight rates.
Maersk returned USD 1.6 billion to shareholders during 2024 through dividends and share buy-backs.
The demerger and spin-off of Svitzer returned a further USD 1.1 billion to shareholders via a dividend in-kind.
Following a suspension of the share buy-back programme in February 2024, the Board of Directors has now decided to re-initiate it, with a programme of up to DKK 14.4 billion (approximately USD 2 billion) to be executed over a 12-month period.
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