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Friday, 25/10/2024, 08:56 (GMT +7)
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DSV to complete Schenker acquisition by mid-2025
DSV expects to complete the Schenker acquisition in Q2 2025 and report positive Q3 2024 results with profit and volume growth across all divisions.
Source: MoalemWeitemeyer
DSV CEO Jens Lund said the group expects to complete the acquisition of DB Schenker from Germany's Deutsche Bahn in Q2 2025.
In announcing the Danish freight forwarding and logistics group's results, Lund said Q3 2024 was a key milestone for the group with the Schenker acquisition deal and DSV raising €5 billion in equity from a range of long-term investors.
“We look forward to welcoming our colleagues from Schenker and together build a world-class transport and logistics company with a unique global network and service offerings to our customers,” he added.
He predicted that DSV will continue to grow its business with an enhanced global network and customer offerings, while maintaining a focus on industry-leading margins. “M&A will remain a core pillar of our corporate strategy, as we believe that the combination of organic and inorganic growth will create a stronger DSV going forward,” he said.
Meanwhile, Q3 2024 results showed continued positive profit growth with profit increasing year-on-year for the first time since 2022, driven by increased volumes across all divisions and higher gross profit.
However, gross profit for airfreight declined by 1.5% in Q3 2024 due to lower average margins, only partially offset by higher volumes.
However, the Danish-based logistics company’s Air & Seafreight division saw overall growth with increased volumes and continued to gain market share with gross profit up 5.2% year-on-year. Seafreight gross profit increased by 11.8%, driven by higher volumes and improved average gross profit margins.
Road operations reported stable results in the face of weak demand and low freight rates.
DSV revised its EBIT forecast up from DKK 15,500-17,000 million to DKK 16,000-17,000 million for the full year.
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