Deutsche Post DHL's first quarter operating earnings reached record levels, according to preliminary results.

Preliminary operating profit (ebit) for the first three months improved to around €1.9bn compared with €592m for the same period last year.

The group said that the positive development of the group’s businesses seen in the fourth quarter 2020 continued into this year.

In the first three months of the year B2C shipment volumes remained high in all networks while the recovery in the B2B business continued, the company said.

Frank Appel, chief executive of DP DHL Group, commented: “The start to the new financial year was more dynamic than ever. It proves that we have successfully geared our business to the right growth drivers. One year into the pandemic we experienced in the first quarter 2021 a sustained momentum in e-commerce and a significant stabilisation in global trade with increasing air- and seafreight volumes. Consequently all divisions reported a significant jump in earnings above market expectations.

“Global trade continues to recover and vaccine distribution is in full swing which makes me very optimistic for the rest of 2021 and beyond.”

The group’s Global Forwarding Freight division achieved an ebit of €215m in the first quarter of 2021 — 194.5% higher than in the same period last year.

The Express division reported a 153.2% year-on-year increase in ebit in the first quarter to €995m.

Meanwhile, Supply Chain posted a 57.1% year-on-year increase in ebit to €165m.

Operating profit in the Post & Parcel Germany division climbed 66.1% year on year to €555m.

DP DHL will release a revised detailed guidance with the comprehensive disclosure for Q1 2021 on May 5, 2021.

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