DSV reports big profit growth in half-year results

DANISH transport and logistics colossus DSV has reported significant increases in profit over the first half of this year.

The company’s gross profit grew 61% in the half, compared with the first half of 2021. supported, it said, by the integration of GIL, which it acquired last year. The company’s EBIT before special items more than doubled in the period.

The company’s air and sea division achieved a 105% increase in EBIT in the half, despite what the company said were “challenging market conditions”.

Amidst challenging market conditions, Air & Sea achieved a 105% EBIT increase in the first half of 2022. Solutions achieved a 179% EBIT increase, Road achieved a 20% EBIT increase.

The company said all material parts of the GIL integration are successfully completed.

DSV CEO Jens Bjørn Andersen said: “In Q2 2022, we continued to deliver strong results across all business areas. For the first six months of the year, EBIT before special items doubled and free cash flow more than tripled compared to the same period last year. We have now completed most of the GIL integration, and we can look back on a swift and successful integration, thanks to a solid effort across our organisation.

“The uncertainty in the global economy has intensified and the demand for freight services has softened in recent months. Still, large parts of global supply chains are challenged by congestion, and our focus remains on assisting and finding the right solutions for our customers.”