Wallenius Wilhelmsen announces best quarter on record
(Oslo, 12 August 2024) Wallenius Wilhelmsen reported a record second quarter for 2024 delivering an all-time high EBITDA of USD 507m and a net profit of USD 315m.
“Q2 2024 is the strongest quarter on record with all-time-high EBITDA. We see continued high utilization and increasing rates across our business and are very happy to see Logistics and Government deliver their strongest EBITDA to date”, says Lasse Kristoffersen, President, and CEO at Wallenius Wilhelmsen.
The second quarter of 2024 reflected continued high activity and profitability across all segments. Q2 EBITDA was USD 507m, of which Shipping delivered USD 409m, Logistics USD 60m and Government USD 48m.
Value in logistics
During the quarter Wallenius Wilhelmsen announced the sale of its Marine Terminal in Melbourne, Australia for USD 220m as it continues to further develop and refine its integrated offering to customers. “The profitable disposal of our terminal in Australia in Q2, now expected to close in late 2024/early 2025, demonstrates the underlying value creation within our Logistics segment. We will continue to develop this area to deliver on our ambition to become an integrated supply chain partner to our customers,” says Kristoffersen.
Solid dividends and positive prospects
The board of Wallenius Wilhelmsen has resolved to pay its first dividend under the recently adopted pay-as-you-go dividend policy. The dividend announced represents 50% of the company's net profit for H1 24 and equals USD 0.61 per share. The H1 24 dividend will be paid together with the second tranche of the already approved 2023 dividend of USD 0.46 per share.
Commenting on the outlook for the rest of year Kristoffersen says, “We remain confident that 2024 will be another strong year for Wallenius Wilhelmsen and expect EBITDA for the year to be somewhat better than 2023".
Q2 2024 highlights
Wallenius Wilhelmsen:
- Delivered Q2 EBITDA of USD 507m, which is an all-time high. All segments made solid contributions, with Government and Logistics delivering the strongest growth rates QoQ
- Declares H1 24 dividend of USD 0.61 per share under the new dividend policy, representing 50% of the net profit for the period
- Announced the sale of the Marine Terminal in Melbourne, Australia for USD 220m
- Placed an order for four additional newbuildings, bringing our total order book to 12 Shaper class vessels
- Appointed Mike Hynekamp as Chief Strategy and Corporate Development Officer and post quarter announced John Felitto as new COO of Logistics
- Announced that CFO Torbjørn Wist has resigned from Wallenius Wilhelmsen
- Expects EBITDA for the year to be somewhat better than 2023, supported by strong demand and improved contract terms
For further information, please contact:
For media:
David Hopkins, External Communications Manager
Tel: +47 942 88 486 Email: david.hopkins@walwil.com
