DSV records strong results on 2022 annual report
DSV delivered a strong performance in 2022, with gross profit increasing by 33% and EBIT before special items growing by 48%. The Air & Sea division had a 53% increase in EBIT, Solutions had a 47% increase, and Road had a 9% increase. The company successfully integrated Agility GIL, making it a top three player in the industry and continues to monitor the market for M&A opportunities. DSV has committed to reach net-zero carbon emissions by 2050 and will continue to focus on customer service despite geopolitical and macroeconomic uncertainty.
DSV delivered a strong set of results for 2022. We achieved EBIT growth of 48% and a strong cash flow, driven by good performances across all divisions. 2022 was an eventful year, and I know that our teams across the organisation have worked hard to support our customers as they navigated extremely volatile freight markets and geopolitical unrest. We also enhanced our climate ambitions and have committed to a net-zero target for CO2 emissions by 2050.
Towards the end of the year, our performance was impacted by the general macroeconomic slowdown and a gradual normalisation of the freight markets. We expect this trend will continue into 2023 and this is reflected in our financial guidance, says Jens Bjørn Andersen, Group CEO.
The 2023 outlook predicts a 2-3% growth in the global economy, with slower growth in developed countries. Usually, transport volumes at DSV grow in tandem with the economy, however, due to a reduction in inventory and a return to normal consumer behaviour post COVID-19, volumes fell more than GDP in H2 2022 and are expected to continue declining in H1 2023 before recovering in H2.
DSV's goal to gain market share remains unchanged and will closely monitor operations and adjust capacity accordingly.