DSV Panalpina has announced its financial results for Q1 2021. Revenue for Q1 2021 was DKK33,616m, up 23.1% year-on-year. EBIT before special items was DKK3,067m, up from DKK1,566 in Q1 2020.
Revenues in Air & Sea rose to DKK22,924m in Q1 2021, up 45.5% year-on-year. EBIT before special items totalled DKK2,393m, up 126.0% year-on-year. Transport and logistics market volumes continue to recover after the Covid-19 crisis in 2020. For both the air and sea freight market capacity remains tight leading to high freight rates. The high growth rates were the main driver behind the growth in revenue in the Air & Sea division in Q1 2021.
DSV Panalpina’s Road division revenues amounted to DKK8,056m for Q1 2021, corresponding to a year-on-year increase of 3.0%. EBIT before special items totalled DKK403m, compared to DKK657m for the same period in 2020, which corresponds to growth of 56.8%. The strong growth in earnings was driven by higher activity with 9.2% growth in gross profit along with continued cost discipline.
DSV Panalpina’s Solutions division revenue amounted to DKK3,609m, up 9.0% year-on-year. Growth within the division was positively impacted by the acquisition of Prime Cargo. EBIT before special items totalled DKK690m, compared to DKK582m in Q1 2921. Growth in EBIT before special items was driven by higher gross profit and reduced cost base due to the permeant Covid-19 cost savings.
On April 27, 2021, it was announced that DSV Panalpina and Agility Public Warehousing Company K.S.C.P. had reached an agreement that DSV Panalpina will acquire Agility’s Global Integrated Logistics business, which is the global logistics division of Agility.
Jens Bjørn Andersen, Group CEO, commented: “We are proud to announce our agreement to unite with Agility’s Global Integrated Logistics. The combination of our two groups is a perfect match, and Global Integrated Logistics will add around 23% to DSV Panalpina’s annual revenue and strengthen our global network, especially in the Air & Sea division.”
Source: DSV Panalpina
