Ocean Network Express (ONE) released the financial result for FY2024 2nd Quarter (from July 2024 to September 2024).
The revenue for FY2024 2nd quarter was US$5,864million, up 65% from the same quarter of the last year, with net profit of US$1,999million (YoY +US$1,812million).
The Asia-North America and Asia-Europe trades have experienced strong demand, driven by consistent consumer demand and an early peak season in July and August. In addition, early shipments in the North America trade are in response to potential supply chain disruptions.
(Unit: Million US$)
| FY2023 | FY2024 | 2Q Results to FY2023 | 1H Results to FY2023 | |||||
| 2Q Result | 1H Results | 2Q Results | 1H Results | change | change (%) | change | change (%) | |
| Revenue | 3,549 | 7,314 | 5,864 | 10,075 | 2,315 | 65% | 2,760 | 38% |
| EBITDA | 436 | 1,206 | 2,386 | 3,603 | 1,950 | 447% | 2,397 | 199% |
| EBIT | 31 | 416 | 1,865 | 2,532 | 1,834 | 5,916% | 2,116 | 509% |
| Profit/Loss | 187 | 700 | 1,999 | 2,778 | 1,812 | 969% | 2,078 | 297% |
For the full year forecast for FY2024, net profit guidance is revised to US$3,095million from US$2,745 million which was announced on 31 July.
Jeremy Nixon, CEO of Ocean Network Express says, “In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the USA elections and USEC port labour situation. ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance. Including a successful launch of the new Premier Alliance E-W network from January”.
(ONE)
