Delivering all-time high, full-year results for 2024, Wallenius Wilhelmsen’s financial performance surpasses its record 2023. In addition, the company continued to deliver for its shareholders, customers, stakeholders and employees.
“2024 has been a strong year for Wallenius Wilhelmsen. Our safety statistics are strengthened, our customers are happier with our services and our global team is more engaged. Our emissions continue to be reduced year over year, and we delivered the best financial results in our history”, says Lasse Kristoffersen, President and CEO of Wallenius Wilhelmsen.
Adjusted EBITDA for 2024 was USD 1,901m, up from USD 1,807m in 2023. This resulted in a ROCE of 19,9%, an equity ratio at 39,5% and a leverage ratio of 0.9. Net profit in 2024 was USD 1,065m compared to USD 967m in 2023.
Positive contributions from all segments
Total revenue was USD 5,308 million for the year 2024, an increase of 3 percent compared to 2023. Shipping revenues were up 1 percent year-over-year (YoY) to USD 3,937m in 2024. Capacity constraints because of the continued re-routing of vessels via the Cape of Good Hope negatively impacted volumes. Shipping experienced an 8 percent drop in transported volumes year-over-year. However, the lower volumes were more than offset by increased average rates driven by the continued repricing of the book of business.
Revenues in the Logistics segment were up 5 percent, to USD 1,205m, as volumes increased due to less disruptions in supply chains. Government revenue increased 32 percent to USD 427 million, mainly due to increased U.S. flag cargo activity.
All-time high dividend payments
For the second half of 2024, the Board approved a dividend of USD 1.24 per share, which amounts to a total dividend payout of USD 524m. The highest dividend paid in the company’s history, Wallenius Wilhelmsen intends to continue paying dividends at the top-end of its pay-as-you-go policy, including extraordinary payments when the financial position allows. The dividend linked to 2024 earnings totals USD 1.85 per share.
“Our strong financial position allowed us to invest heavily into our business and pay record dividends to our shareholders. We are dedicated to delivering long-term value to all our stakeholders by striking a sustainable balance between investments and returns”, says Kristoffersen.
Uniquely positioned for the future
As a global shipping and logistics company, Wallenius Wilhelmsen navigates a rapidly changing and complex world of market and geopolitical uncertainty. However, despite this, the company remains committed to its mission and building for the future.
“Thanks to the outstanding achievements of our team, we are in a unique position to lead the way towards connected, sustainable supply chains. We will do this by continuing to be our customers’ first choice in all our businesses, differentiate through integrated solutions, make net-zero available and affordable and with that, create sustainable value for all our stakeholders. From a solid financial position, with a substantial book of business, and strong partnerships, we are well-positioned for 2025 and expect that to be another strong year,” says Kristoffersen.
2024 highlights:
* A record FY2024 with adjusted EBITDA of USD 1,901m and Net Profit of USD1,065m
* Announced dividend of USD 1.85 per share linked to 2024 earnings totals
* USD 8.9bn worth of contracts above USD 100m in value announced in 2024
* Hyundai/Kia contract renewed for five years with a value of around USD 4.2bn -increasing our share of their export volume to 50%
* Our near-term and net-zero science-based greenhouse gas emission reduction targets were validated by the Science Based Targets initiative (SBTi)
* Extended the Shaper Class newbuild program – total order is now seven 9,300 CEU and seven 12,100 CEU vessels to be delivered from 2026 through 2028
* Our scope 1 Shipping emissions were 4,162,261 mt CO2e in 2024, equivalent to 4,897,960 mt CO2e on a WTW basis. This is a reduction of 1 percent year on year and a 7 percent reduction since the base year (and in alignment with our Science-Based Target trajectory). Our GHG intensity was 60.56 gCO2e per tonne-nm, well ahead of our target of 62.65.
Source: Wallenius Wilhelmsen
