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DSV Reports Growth and Record-High Results for 2021

DSV reports 59% growth in revenue and 71% growth in operating profit for 2021. All three business areas – Air & Sea, Road and Solutions – contributed to the growth.

dsv annual report 2021

2021 Report Highlights

  • DSV reports 59% growth in revenue and 71% growth in operating profit for 2021. All three business areas – Air & Sea, Road and Solutions – contributed to the growth.
  • During 2021, global supply chain disruptions, port congestion, and challenging market conditions have become some of the most debated topics for businesses and in the news. Throughout the year, DSV’s teams worked hard to find transport solutions and keep cargo moving for our customers.
  • In August 2021, Agility’s Global Integrated Logistics (GIL) was acquired, adding scale to the global network and strengthening DSV’s presence in the Middle East and Southeast Asia.
  • For 2022, DSV expects EBIT before special items in the range of DKK 18.0 bn – DKK 20.0 bn. Current market conditions, with tight capacity and congestion, are expected to continue well into 2022.
dsv annual report 2021 results
“2021 has been a good – but also challenging – year for DSV. With the acquisition of Agility’s Global Integrated Logistics business (GIL) we have once again executed on our growth strategy. We are proud that GIL is now part of DSV, and the integration is progressing well. Supply chain disruptions, port congestion and record-high freight rates have been major themes during 2021, and our teams have worked hard to find solutions and move the cargo for our customers. Under these difficult market conditions, we are pleased to deliver a strong set of financial results for 2021,”
- Jens Bjørn Andersen, Group CEO, DSV

Continued Focus on Strategic Initiatives

Global Growth
The integration of Agility's GIL is progressing according to plan and, so far, 40 of all 60 GIL countries have been onboarded to DSV’s network. The integration process is expected to be completed in Q3 2022.

The development of physical infrastructure continues with new, modern logistics centers in Europe, South Africa, and North America. Our digital infrastructure and production systems have been further improved to support seamless integration and high service levels towards customers.

DSV’s Green Logistics services launched in 2021. Green Logistics was created to support customers’ CO2 reductions by providing sustainable fuel options and optimizing their supply chains.

Q4 2021 results

For Q4 2021, revenue amounted to DKK 61,302 million (Q4 2020: DKK 31,716 million). The growth of 89.8% (in constant currencies) was driven by increased activity, higher freight rates and the impact from the GIL acquisition. Q4 2021 was the first full quarter with GIL after the closing of the transaction in August 2021.

For Q4 2021, gross profit came to DKK 11,674 million (Q4 2020: DKK 7,212 million). The growth in gross profit was 58.4% (in constant currencies) for the Group and was driven by higher activity across all divisions. In Air & Sea, the extraordinary freight markets with tight capacity and high rates had a positive impact on the gross profit.

EBIT before special items was DKK 5.113 million for Q4 2021 (Q4 2020: DKK 2,616 million), a growth of 90.2% (in constant currencies). All three divisions contributed to the growth, driven by organic growth in gross profit, improved conversion ratio and a positive contribution from GIL. EBIT before special items for the full-year 2021 was DKK 16,223 million. This was slightly above the guidance range of DKK 15,250-16,000 million.

Outlook for 2022

  • EBIT before special items is expected to be in the range of DKK 18,000-20,000 million.
  • The effective tax rate of the Group is expected to be approximately 23%.

The 2022 outlook assumes global economic growth of around 4% and similar growth levels in the transport markets. DSV expects that the current situation with congestion, tight capacity, and high rate levels will continue well into 2022. A gradual reduction of the congestion could start in the second half of the year.

Due to volatile and unpredictable transport markets, the assumptions that our outlook for 2022 rely on are more uncertain than they would normally be. Furthermore, DSV assumes that the integration of GIL will continue as planned and expects special items in the level of DKK 1,000 million related to the integration in 2022.

Read the full Annual Report

Find the Annual Report here.
Find the sustainability report here.


Investor Relations:
Flemming Ole Nielsen, tel. +45 43 20 33 92,
Sebastian Rosborg, tel. +45 43 20 33 87,

Maiken Riise Andersen, tel. +45 43 20 30 74,

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