DSV GROUP’S financial results for the first half of 2024 (H1 2024) have been released, depicting mixed results.
The Danish transport and logistics company posted a decline in gross profit of 4%, while EBIT before special items was down a considerable 17% when comparing H1 2024 and H1 2023.
DSV Group CEO Jens H. Lund said, “In a challenging environment, we delivered a strong financial performance in Q2 2024 driven by positive volume growth and stabilisation of gross profit per unit in the Air & Sea division.”
“We continue to gain market share across all three divisions driven by our strengthened commercial platform. Furthermore, we have increased our productivity in all three divisions.”
DSV Group said they had achieved strong results for quarter 2 2024 in particular “in line with expectations”, despite the noticeable declines in certain areas.
Off the back of the H1 2024 results, DSV has narrowed their full-year 2024 EBIT guidance to between DKK 15500 – 17000 million.
Positively, DSV did achieve a nominal growth throughout Q2 2024 in EBIT before special items of 12.6%, which the group says was driven by increasing volumes and stabilisation of earnings per unit in air & sea.
Road logistics saw stable gross profit and a 4.4% increase in EBIT before special items for Q2 2024 compared to the same period last year.
Solutions saw a gross profit increase of 8.1% and an increase in EBIT before special items of 6.8% for Q2 2024 compared to the same period last year, hailed by DSV as a “strong performance” despite low utilization rates at new sites.
“We are well positioned for growth in an ever-changing market and maintain our focus on having industry leading margins, which is a testament to the company’s competitive culture and operational efficiency” the group said.
