DSV Q3 2023 Financial Performance and NEOM Joint Venture Update
Air & Sea
Q3 2023
Q3 2022
Growth*
9M 2023
9M 2022
Growth*
(DKKm)
Gross profit Air
3,089
4,793
(31.7%)
10,390
14,540
(26.3%)
Gross profit Sea
3,121
4,342
(23.3%)
9,601
12,807
(22.6%)
•
Total gross profit
6,210
9,135
(27.7%)
19,991
27,347
(24.5%)
EBIT
3,281
5,455
(35.8%)
10,481
(35.7%)
Conversion ratio
16,842
*) Growth rates are in constant currencies.
Operating margin
15.5%
15.0%
59.7%
13.8%
12.0%
52.4%
52.9%
52.8%
51.6%
10.6%
Management commentary
•
Gross profit impacted by lower volumes
and lower yields compared to the
extraordinary high levels in 2022.
Continued weak market volumes as a
result of the macroeconomic slowdown,
shift in consumer behaviour and
actions to reduce inventory levels.
Number of shipments (jobs) handled
was down 1% in Q3-23 (minus 6%
YTD). Thus, shipments have been
more resilient than tonnes and TEUs.
Conversion ratio remains above the
50% mark, reflecting focus on
productivity and strong cost
management.
Q3-22
Q4-22
Q1-23
Q2-23
Q3-23
Q3-22
Q4-22
Q1-23
Q2-23
Q3-23
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