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DSV reports on a strong year with gross profits soaring 33pc
来源：shippingazette 编辑：编辑部 发布：2023/02/09 14:56:28
DENMARK-HEADQUARTERED supply chain services provider DSV has revealed strong results for 2022, which it said had been driven by "good performance across all our business areas".
Over 2022, its gross profit increased by 33 per cent, while earnings before interest and taxes (EBIT) before accounting for special items rose by 48 per cent, reports London's Air Cargo News.
DSV's Air & Sea transport division achieved a 53 per cent increase in EBIT before special items, Solutions achieved a 47 per cent EBIT increase, and Road achieved a 9 per cent EBIT increase for 2022.
"DSV delivered a strong set of results for 2022," said Jens Bjorn Andersen, group chief executive.
"We achieved EBIT growth of 48 per cent and a strong cash flow, driven by good performances across all divisions.
"Towards the end of the year, our performance was impacted by the general macroeconomic slowdown and a gradual normalization of the freight markets. We expect this trend will continue into 2023 and this is reflected in our financial guidance."
Looking at the airfreight business, revenues climbed 27.9 per cent year on year to DKK90.6 billion (US$13.1 billion), while volumes improved by 3.1 per cent year on year to 1.6 million tonnes.
The volume improvement comes despite a market decline of around 10 per cent thanks to the inclusion of Agility Global Integrated Logistic's (Agility GIL) results, which the company purchased in 2021.
If Agility's figures were removed from the result the company expects that it would have reported a demand decline of 7 per cent for the year.
The higher revenues were supported by an increase in rates.
While the year started strongly, the company did see its performance weaken as the year progressed in line with the overall market.
In the fourth quarter, DSV's airfreight volumes declined by 16 per cent year on year with the overall market estimated to have declined by the same amount.
"Global air cargo tonnages have been in decline since February 2022 - with export from Asia as the weakest market," DSV said.
"Normal peak season did not materialise in Q4-22."
The company added that there was also a gradual yield decline as supply chain congestion eases and belly-space capacity returned.
Its outlook for this year assumes a global economic growth in the region of 2-3 per cent, with the lowest growth rates in the world's advanced.
"DSV expects this negative development in freight volumes to continue in the first part of 2023, but with a recovery in the second half of the year," it declared.
"We have assumed declines in air and sea freight volumes of 2-5 per cent for the full year. As supply chain disruptions ease, we expect a decline in gross profit yields of around 20-25 per cent compared to the average level in 2022."
Over 2022, its gross profit increased by 33 per cent, while earnings before interest and taxes (EBIT) before accounting for special items rose by 48 per cent, reports London's Air Cargo News.
DSV's Air & Sea transport division achieved a 53 per cent increase in EBIT before special items, Solutions achieved a 47 per cent EBIT increase, and Road achieved a 9 per cent EBIT increase for 2022.
"DSV delivered a strong set of results for 2022," said Jens Bjorn Andersen, group chief executive.
"We achieved EBIT growth of 48 per cent and a strong cash flow, driven by good performances across all divisions.
"Towards the end of the year, our performance was impacted by the general macroeconomic slowdown and a gradual normalization of the freight markets. We expect this trend will continue into 2023 and this is reflected in our financial guidance."
Looking at the airfreight business, revenues climbed 27.9 per cent year on year to DKK90.6 billion (US$13.1 billion), while volumes improved by 3.1 per cent year on year to 1.6 million tonnes.
The volume improvement comes despite a market decline of around 10 per cent thanks to the inclusion of Agility Global Integrated Logistic's (Agility GIL) results, which the company purchased in 2021.
If Agility's figures were removed from the result the company expects that it would have reported a demand decline of 7 per cent for the year.
The higher revenues were supported by an increase in rates.
While the year started strongly, the company did see its performance weaken as the year progressed in line with the overall market.
In the fourth quarter, DSV's airfreight volumes declined by 16 per cent year on year with the overall market estimated to have declined by the same amount.
"Global air cargo tonnages have been in decline since February 2022 - with export from Asia as the weakest market," DSV said.
"Normal peak season did not materialise in Q4-22."
The company added that there was also a gradual yield decline as supply chain congestion eases and belly-space capacity returned.
Its outlook for this year assumes a global economic growth in the region of 2-3 per cent, with the lowest growth rates in the world's advanced.
"DSV expects this negative development in freight volumes to continue in the first part of 2023, but with a recovery in the second half of the year," it declared.
"We have assumed declines in air and sea freight volumes of 2-5 per cent for the full year. As supply chain disruptions ease, we expect a decline in gross profit yields of around 20-25 per cent compared to the average level in 2022."