DSV to grow gross profit 33% in 2022 after merging Agility GIL

DSV headquarters in Canada (Image: DSV)

Global freight company DSV announced an increase in total revenue and profit compared to the previous year's results. Specifically, the company's revenue increased by over 20% to US$ 35 billion, gross profit increased by 33% to $7.6 billion, and earnings before interests and taxes (EBIT) before exceptional items almost doubled to US$4 billion, while DSV's adjusted free cash flow has more than double compared to 2021.

DSV said its performance was affected at the end of 2022 by the global economic slowdown and the gradual return to normalcy in the shipping market. However, the company effectively integrated the Agility GIL within a year of purchase.

DSV's forecast for 2023 shows EBIT to be in the US$ 23-26 billion range, with the company's tax rate predicting around 24%.

Normally, DSV would expect transport volumes to grow with economic growth, but in the second half of 2022, total volumes declined faster than GDP due to a reduction in inventory and the normalisation of consumer behaviour following Covid-19 pandemic.

DSV predicts that the downward trend in total shipments will continue in the first half of 2023, and will increase again in the second half of 2023.

DSV's 2022 financial report (Source: DSV)

Read more:

• DSV Panalpina becomes world's largest forwarder after acquiring Agility

Source: Phaata.com (According to DSV)

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