DSV Panalpina sums up the first half of the year. Surprisingly good balance sheet, despite the pandemic
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The Danish logistics group presented a balance sheet for the first half of this year. The results exceeded expectations, despite the crisis caused by the coronavirus pandemic.
DSV Panalpina increased its profits and turnover in the first half of 2020 compared to the same period in 2019. Operating profit EBIT (i.e. earnings before interest and taxes) increased from DKK 3.08 billion to DKK 4.18 billion. The company’s turnover rose from DKK 40.05 billion in H1 2019 to DKK 56.09 billion from January to June this year. Thus, the Group clearly exceeded the profits before the acquisition of Panalpina.
The recent months have looked better than we expected at the beginning of the crisis caused by the COVID-19 pandemic. We are pleased to announce that EBIT before special expenses increased by 63% in Q2 2020 and by 37% in H1. The successful integration of Panalpina was an important factor influencing the results,” said Jens Bjørn Andersen, CEO of DSV Panalpina in the Group’s official announcement.
“COVID-19 has created an unusual situation in the air freight market. We were able to help our customers and used the existing Panalpina freighter network. Uncertainty (as to the future – editorial note) still exists, and is greater than usual, but based on the strong first half of 2020, we expect EBIT before special expenses are deducted to be at a level consistent with the pre-crisis forecasts,” Andersen added.
DSV Panalpina expects EBIT for the whole of 2020 to be between DKK 8.2bn and DKK 8.7bn.
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