DB Schenker revenue and profits up despite declining volumes in 2020
GERMANY-HEADQUARTERED freight forwarder DB Schenker saw revenues and profits increase last year despite air and ocean volumes both declining, reports London's Air Cargo News
29 March 2021 - 19:00
The company recorded a 7.8 per cent decline in airfreight volumes last year to 1.1 million tonnes, while ocean demand was down 10.5 per cent to just over 2 million TEU.
However, revenues in 2020 increased by 3.4 per cent year on year to EUR17.7 billion and adjusted earnings before interest and tax (ebit) were up 32.2 per cent to EUR711 million.
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 per cent year on year to CHF5.2 billion (US$5.5 billion) gross profits improved by 1.1 per cent on 2019 to CHF1.3 billion and earnings before interest and tax (ebit) was up by 53.5 per cent to CHF505 million. K+N's airfreight volumes for the year declined by 12.8 per cent to 1.4 million tonnes.
At leading airfreight forwarder, DHL Global Forwarding, air revenues for last year increased by 28.6 per cent on 2019 levels to EUR6.1 billion, gross profit improved by 17.2 per cent to EUR1.1 billion while volumes declined by 12.1 per cent to 1.7 million tonnes.
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