Today’s news / DSV’s profit declines in first quarter
Jens H. Lund was formerly the Chief Operating Officer at DSV. He is now the Chief Executive Officer. (Archive photo). Photo: Asger Ladefoged/Ritzau Scanpix

DSV’s profit declines in first quarter

Danish transport and logistics company DSV reported a decrease in revenue and profit for the first quarter of the year. The company’s revenue dropped to 38.3 billion DKK, down by 2.6 billion DKK compared to the same period last year. Net income after taxes fell to 2.4 billion DKK, lower than the previous year’s 3.3 billion DKK. Despite lower freight rates compared to the previous year, CEO Jens H. Lund expressed satisfaction with the results, citing strong performance in a normalized market and market share gains in all three divisions: Road, Air & Sea, and Solutions. Lund, who took office on February 1st, succeeded Jens Bjørn Andersen who led the company for 16 years. DSV has grown significantly, partially due to acquisitions such as UTI Worldwide in 2015, Panalpina in 2019, and Agility Global Integrated Logistics in 2021. Analysts consider DSV a likely candidate to acquire Germany’s DB Schenker, currently for sale by Deutsche Bahn.