DANISH transport and logistics behemoth DSV Panalpina reported an 18% growth in gross profit in its interim financial report for the first half of the 2021 calendar year.
The company reported operating profit (earnings before interest and taxes) of DKK 6.6 billion ($1.42 billion) for the first half of 2021. This is an increase of 64.7% on the same period last year.
DSV Panalpina CEO Jens Bjørn Andersen 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.”
Mr Andersen said the company still expects to close the Agility Global Integrated logistics transaction in the third quarter of this calendar year.
“The preparations for the integration are tracking the plans, and we look forward to combining the two global networks and creating an industry leader in logistics,” he said.
Based on the strong financial performance for the first six months of 2021 and a positive outlook for the remainder of the year, the company has upgraded its full-year outlook for 2021.
EBIT before special items is expected to be in the range of DKK 12.5 billion to 13 billion ($2.7 billion to $2.8 billion). This is up from the previous outlook of DKK 11.75 billion to 12.5 billion ($2.5 billion to $2.7 billion).
The company said the financial outlook for 2021 is for DSV Panalpina alone and excludes the impact from the acquisition of Agility’s Global Integrated Logistics business.