Since publishing its financial report for 2021 last week, Zim Integrated Shipping Services Ltd. (NYSE: ZIM) share price has risen 25%. The company’s share price is currently $89, giving a market cap of $10.6 billion – a return of almost 500% since its Wall Street IPO in January 2021.
Zim has overtaken Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Amdocs Ltd. (Nasdaq: DOX) and is now the fifth most valuable Israeli company. Over the past two years, the company has benefitted in the boom in shipping services and huge demand worldwide including the global supply chain disruptions since the outbreak of the Covid pandemic, which has made it difficult for shipping companies to meet growing demand and pushed up prices.
RELATED ARTICLES
Zim investors: Why do Teva and Intel pay under 10% tax?
Zim reports biggest ever profit by Israeli co
Zim charters 13 container vessels
In the fourth quarter of 2021, the average price per container was $3,630 and the annual average was $2,786, up 227% from 2020.
This led to Zim reporting a net profit of $4.6 billion in 2021, the biggest profit ever reported by an Israeli company and a nine-fold rise in profit from 2020. Zim CEO Eli Glickman said, “2021 was a phenomenal year. I admit that we never dreamt of reaching such profitability.”
At a meeting that has been summoned, the shareholders will be asked to approve an allocation of 208,000 options to Glickman, while chairman Yair Seroussi would receive 27,000 options and the directors 13,000 options each. The options can be exercised for $68.73, 23% below the price that the shares are trading.
Published by Globes, Israel business news – en.globes.co.il – on March 17, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
