Evergreen announces record profits and mid-year employee bonuses of 11 months amid challenging market conditions

Evergreen announces record profits and mid-year employee bonuses of 11 months amid challenging market conditions

TAIWAN — Evergreen Marine Corp., a leading Taiwanese shipping company, revealed in its 2022 financial report that the company experienced record-high revenue and profit last year.

To celebrate the impressive financial performance, Evergreen Marine plans to reward its employees with a generous mid-year bonus of NT$1.918 billion (US$62.8 million), equivalent to 10 to 11 months of salary.

This announcement comes on top of a year-end bonus averaging 50 months’ salary, resulting in a total bonus payout worth about 60 months of salary for 2022.

According to the financial report released on Tuesday, Evergreen Marine’s consolidated revenue in 2022 reached NT$627.284 billion, a 28.17% increase from the previous year.

The company’s after-tax net profit rose by 39.82%, totalling NT$334.201 billion. Furthermore, the after-tax earnings per share (EPS) for the shipping giant reached NT$87.07 last year.

Despite the strong financial performance in 2022, Evergreen Marine’s consolidated revenue for the first two months of 2023 was reported at NT$44.922 billion, marking a 59.94% year-on-year decline.

The decrease in revenue has been attributed to the Lunar New Year holiday, the ongoing COVID-19 pandemic’s impact on production lines, and a reduction in cargo volume, which has led to a downward spiral in freight rates.

In response to the challenging market conditions, Evergreen Marine President Hsieh Huey-chuan expressed cautious optimism about the company’s future prospects.

Hsieh acknowledged that the shipping industry might face a difficult off-season in the first quarter of 2023. However, he anticipates improvements in the second quarter, with a more robust market recovery potentially materializing in the second half of the year.

Hsieh noted that the key to market recovery depends on the timely resolution of the Russia-Ukraine war.

With nearly 3,100 employees and an average monthly salary of NT$60,000, Evergreen Marine’s announcement of substantial employee bonuses demonstrates the company’s commitment to acknowledging and rewarding the hard work and dedication of its workforce during a period of unprecedented challenges in the global shipping industry.

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