DB Schenker saw revenues and profits increase last year despite air and ocean volumes both declining.
The Germany-headquartered freighter forwarder recorded a 7.8% decline in airfreight volumes last year to 1.1m tonnes, while ocean demand was down 10.5% to just over 2m teu.
However, revenues in 2020 increased by 3.4% year on year to €17.7bn and adjusted earnings before interest and tax (ebit) were up 32.2% to €711m.
The company didn't provide too much commentary on performance, but said that its adjusted ebit was at record levels.
However, the results are largely reflective of the overall air cargo forwarding sector where lost belly capacity and the Covid-19 outbreak hit demand, but also resulted in higher rates due to space shortages.
In comparison, Kuehne+Nagel’s airfreight business saw revenues for the year increase by 11.6% year on year to SFr5.2bn, gross profits improved by 1.1% on 2019 to SFr1.3bn and earnings before interest and tax (ebit) was up by 53.5% to Sfr505m. K+N’s airfreight volumes for the year declined by 12.8% to 1.4m tons.
DSV’s airfreight division saw revenues in 2020 increase by 64.9% year on year to Dkk44.8bn, gross profits per ton reached Dkk8,075 against Dkk6,155 in 2019 and volumes increased by 18.8% to 1.3m tons – its performance distorted by the acquisition of Panalpina.
At leading airfreight forwarder, DHL Global Forwarding, air revenues for last year increased by 28.6% on 2019 levels to €6.1bn, gross profit improved by 17.2% to €1.1bn while volumes declined by 12.1% to 1.7m tonnes.
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