DSV expects to close its acquisition of DB Schenker from Germany’s Deutsche Bahn in the second quarter of 2025, said group chief executive, Jens Lund.
In announcing the Danish logistics and forwarding group’s results, Lund said that the third quarter of 2024 was a landmark for the company with the agreement to acquire Schenker and that DSV had raised €5 billion in equity from a broad range of long-term investors.
He added: “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 predicted that DSV would continue to grow its business with an enhanced global network and customer offerings, while at the same time 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, the third quarter 2024 results showed continued positive earnings growth with profits up on a year-over-year basis for the first time since 2022, driven by increased volume across all divisions and higher gross profit.
Gross profit for airfreight was nevertheless down 1.5% in the third quarter of 2024 due to lower average yields, which were only partly offset by higher volumes.
However, the Danish-based logistic company’s Air & Sea forwarding arm saw overall growth with increased volume and continued market share gains with gross profit up 5.2% compared to the same period last year. Sea freight gross profit increased by 11.8%, driven by higher volumes and improved average gross profit yield.
Road activities reported stable results in the face of weakened demand and low rates.
DSV has revised its EBIT (earnings before interest and taxes) forecast upwards from DKK15,500-17,000 million to DKK16,000-17,000 million for the full year.
