DSV Panalpina Group has released its Q1 financial report showing growth and high productivity across all three divisions.
The report saw a gross profit increase of 61 per cent, supported by the integration of Agility’s Global Integrated Logistics business (GIL), while their earnings before interest and taxes (EBIT) more than doubled before special items compared to the same period last year.
The Solutions division’s EBIT grew close to 200 per cent as well, driven by strong gross profit growth.
The Air & Sea division reported an EBIT growth of 109 per cent, while the Road division avoided market conditions with a 24 per cent EBIT growth.
The Group made a gross profit of €1.7 billion for the first three months of 2022, compared to just over €1 billion during last year’s first quarter.
DSV CEO, Jens Bjørn Andersen, said the results show profit across all sectors.
“For Q1 2022, we report a strong set of results, with earnings growth across all divisions and a strong cash flow,” he said.
“We are tracking the plans for the GIL integration and are on track for completion in Q3 2022.”
Despite the recent increase of the global economy and disruptions of global supply chains, DSV is expecting a high demand for their services.
Anderson said DSV shipments to and from Russia and Belarus have stopped, except for certain humanitarian shipments.
“We are in the process of divesting and exiting our activities in Russia,” he said.
“The direct financial impact is not material as the combined revenue in Ukraine, Russia and Belarus represents less than 1 per cent of the Group’s revenue.”