High sea rates, air demand push DSV 9-month profit to DKK 8 billion
DSV, one of the world's largest freight forwarding companies based in Copenhagen, Denmark, more than doubled its net profit to DKK 8 billion for the 9-months ended September 30, 2021, from DKK 3.1 billion for the nine months ended September 30, 2020, on higher sea freight rates and high demand for air freight.
Revenue increased 44 percent to DKK 121 billion from DKK 84 billion, according to the results announced today.
For the quarter ended September 30, 2021, operating profit (EBIT) before special items increased to DKK 4.5 billion from DKK 2.7 billion in the year-ago period. Revenue was up 77 percent to DKK 49.5 billion from DKK 28 billion.
The operational integration of Agility’s Global Integrated Logistics business, which became part of DSV in August 2021, is likely to be completed by Q3 2022.
“In August, we completed the acquisition of Agility’s Global Integrated Logistics business and took over a well-run company and were joined by a team of skilled new colleagues," Jens Bjørn Andersen, Group CEO, DSV said. "The integration is off to a good start, and in the coming period our two organisations will be merged into one. The transport markets continue to be characterised by disruption and imbalances causing extraordinary challenges for both our customers and us. Under the extraordinary market conditions, we are happy to report solid results across all divisions.”
