- Ocean Network Express Reports 65% Revenue Growth in FY2024 Q2.
- FY2024 Q2 Profit Surges to USD 1.9 Billion on Strong Asia-North America Demand.
- CEO Jeremy Nixon Highlights Industry Uncertainty for FY2024 Q2 Results.
On 1st November 2024, Singapore, Ocean Network Express (“ONE”) announced its results for the second quarter of FY2024 covering July to September this year. It realized significant revenue and profit growth supported by stronger-than-expected demand on its major trade lanes, reports ONE.
Revenue and Profit Surge
For FY 2024’s second quarter, ONE achieved revenue of USD 5,864 million, which was an increase of 65% from the year-ago period. Profit rose to $1,999 million in the current year, driven by strong performances in the Asia-North America and Asia-Europe trades; these gained strength from constant consumer consumption in steady demand coupled with peak season in early July and August. Another Factor responsible for early shipment to North America is to avoid getting hit by expected supply chains.
FY2024 Full-Year Profit Forecast Revised Upwards
ONE has also upwardly revised its full-year net profit guidance to USD 3,095m from USD 2,745m announced on 31 July. It does so in view of sustained positive trends and expected steady demand in the key trade areas.
Remarks on Industry Uncertainty
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”
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Source: ONE
