The fourth largest Marine freight forwarder raised its full-year forecast
On July 24, DSV, the world's fourth largest sea freight forwarder and fourth largest air freight forwarder, announced its results for the first half of 2024.
In the first half of the year, DSV achieved revenue of DKR 79.497 billion (~ USD 11.544 billion), an increase of 2%. Profit before interest, tax and special items (EBIT) was DKK 7.74 billion ($1.124 billion), down 16.6% from a year earlier.
Revenue in the second quarter was DKK 41.157 billion ($5.976 billion), an increase of 9.6%. Profit before interest, tax and special items was DKK 4.099 billion (US $595 million), down 12.4% year on year.
In terms of business segments, DSV's air and sea business achieved revenue of DKR 47.332 billion (~ USD 6.873 billion) in the first half of the year, down 2.3% year-on-year. Profit before interest, tax and special items was DKK 5.525 billion (US $802 million), down 22.1% year-on-year.
In the second quarter, the air and sea business achieved revenue of 24.616 billion Danish kroner (about $3.574 billion), an increase of 8.1%. Profit before interest, tax and special items was DKK 2.898 billion (US $421 million), down 18.2% year-on-year.
In addition, DSV seaborne cargo volume in the first half of the year was 1.3029 million TEU, an increase of 6.0%. Air cargo volume was 684,300 tons, an increase of 6.0%. Among them, the seaborne cargo volume in the second quarter was 666,300 TEU, an increase of 4% year-on-year; Air cargo volume was 349,100 tons, an increase of 10.0%.
In the first half of the year, DSV's road transport business generated revenues of DKK 20.986 billion (~ USD 3.047 billion), an increase of 6.2%. Profit before interest, tax and special items was DKK 1.039 billion (US $151 million), up 1.4% year-on-year.
Commenting on the performance of the first half of the year, DSV said that in a challenging environment, DSV's performance was strong, with freight volume and market share increases in the three business segments of sea, air and land transportation.
Jens H. und, Chief Executive Officer of DSV, said: "We achieved a strong performance in the second quarter of this year, thanks to a substantial increase in cargo volume in the Sea and air segment and a stable gross margin. By strengthening our business strategy, we continued to gain market share and improve efficiency across our three business segments."
It is worth noting that, based on the first half of the year results and market expectations for the second half of the year, DSV will be the full year 2024 profit before interest, tax and special items forecast, from the original 15 billion to 17 billion Danish kroner (about 2.178 billion to 2.469 billion US dollars), It was raised to D15.5-17 billion ($2.251 billion to $2.469 billion) and launched a new share buyback program of DKR 1.5 billion ($218 million).
DSV second quarter and first half key results data
In the first half of the year, DSV achieved revenue of DKR 79.497 billion (~ USD 11.544 billion), an increase of 2%. Profit before interest, tax and special items (EBIT) was DKK 7.74 billion ($1.124 billion), down 16.6% from a year earlier.
Revenue in the second quarter was DKK 41.157 billion ($5.976 billion), an increase of 9.6%. Profit before interest, tax and special items was DKK 4.099 billion (US $595 million), down 12.4% year on year.
Key second quarter and first half results for DSV's Air and Sea business segment
In terms of business segments, DSV's air and sea business achieved revenue of DKR 47.332 billion (~ USD 6.873 billion) in the first half of the year, down 2.3% year-on-year. Profit before interest, tax and special items was DKK 5.525 billion (US $802 million), down 22.1% year-on-year.
In the second quarter, the air and sea business achieved revenue of 24.616 billion Danish kroner (about $3.574 billion), an increase of 8.1%. Profit before interest, tax and special items was DKK 2.898 billion (US $421 million), down 18.2% year-on-year.
In addition, DSV seaborne cargo volume in the first half of the year was 1.3029 million TEU, an increase of 6.0%. Air cargo volume was 684,300 tons, an increase of 6.0%. Among them, the seaborne cargo volume in the second quarter was 666,300 TEU, an increase of 4% year-on-year; Air cargo volume was 349,100 tons, an increase of 10.0%.
In the first half of the year, DSV's road transport business generated revenues of DKK 20.986 billion (~ USD 3.047 billion), an increase of 6.2%. Profit before interest, tax and special items was DKK 1.039 billion (US $151 million), up 1.4% year-on-year.
Commenting on the performance of the first half of the year, DSV said that in a challenging environment, DSV's performance was strong, with freight volume and market share increases in the three business segments of sea, air and land transportation.
DSV CEO Jens H.Lund
Jens H. und, Chief Executive Officer of DSV, said: "We achieved a strong performance in the second quarter of this year, thanks to a substantial increase in cargo volume in the Sea and air segment and a stable gross margin. By strengthening our business strategy, we continued to gain market share and improve efficiency across our three business segments."
It is worth noting that, based on the first half of the year results and market expectations for the second half of the year, DSV will be the full year 2024 profit before interest, tax and special items forecast, from the original 15 billion to 17 billion Danish kroner (about 2.178 billion to 2.469 billion US dollars), It was raised to D15.5-17 billion ($2.251 billion to $2.469 billion) and launched a new share buyback program of DKR 1.5 billion ($218 million).
