South Korean shipping company HMM reported a dramatic surge in earnings, with operating profit jumping more than sixfold to 3.51 trillion won ($2.7 billion) in 2024 as container freight rates climbed.
Sales rose 39% to 11.7 trillion won compared to the previous year, while net income nearly quadrupled to 3.78 trillion won, according to a regulatory filing. The company cited higher container shipping rates as the main driver behind the improved performance.
The results highlight the ongoing volatility in global shipping markets, where rates have fluctuated significantly since the pandemic. HMM’s total assets increased by 32% to 33.8 trillion won, while maintaining a relatively conservative debt level with liabilities at 5.97 trillion won.
The board approved a dividend of 600 won per share, representing a total payout of 528.6 billion won. With a dividend yield of 3.2%, the distribution appears modest given the company’s substantial profit growth.
The preliminary results are subject to external audit and will be finalized at the upcoming shareholder meeting. Four outside directors were present at the board meeting that approved the figures.
