DSV Panalpina has released its interim financial report for H1-21. The results show strong growth in operating profit of 58.8% during the first half of 2021 compared to the same period in 2020. The performance was driven by an 18% growth in gross profit and high productivity across all divisions.
Revenue for the first half of 2021, was DKK*71.4bn, up 27.4% year-on-year. Operating profit was DKK6.6bn, up by 58.8% from DKK4.2bn in the same period in 2020. Gross profit for the period amounted to DKK16.1bn, an increase of 14.6% y-o-y.
In terms of Q2-21 numbers, revenue increased by 31.4% as it reached DKK37.8bn. Operating profit also increased. It rose by 36.7% y-o-y to DKK3.6bn, up from DKK2.6bn in Q2-20. Gross profit reached DKK8.3bn from DKK7.4bn in the same period of the previous year.
Based on the financial performance for H1-21 and a positive outlook for the remainder of the year, DSV Panalpina has upgraded its full-year outlook for 2021. It now expects EBIT before special items to be in the range of DKK 12.5bn–13bn (previously DKK 11.75bn-12.5bn).
Jens Bjørn Andersen, Group CEO, said, “We are proud to report strong results for the first six months of 2021, where we deliver an EBIT result equivalent to our full-year EBIT of 2019. This is a clear testament to the successful integration of Panalpina and a strong performance by our organisation in an extraordinary market environment. The logistics markets continue to be characterised by tight capacity, congestion and low visibility, and we are doing our best to find solutions for our customers and keep their supply chains flowing.”
The company said the preparations for the Agility Global Integrated Logistics integration are on track. The transaction is expected to close in Q3-21.
Source: DSV Panalpina
*DKK=€0.13/$0.16
