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DHL steady despite weak economy

[ August 1, 2024   //   ]

DHL Group said its second quarter 2024 revenue was slightly higher than in the previous year at €20.6 billion versus €20.1 billion despite the persistently weak economic environment. However, operating profit (EBIT) was below the prior-year level at €1.35 billion (Q2 2023: €1.7 billion). However, a comparison with EBIT in the pre-pandemic year 2019 (Q2 2019: €769 million) demonstrates the Group’s structurally improved profitability, it said.

Chief financial officer Melanie Kreis commented: “Air and ocean freight volumes further improved in the second quarter from a low starting level. However, we are not observing a broad-based recovery of global trade yet. We are also seeing a modest improvement in B2B volumes at Express, but not yet a significant acceleration. Accordingly, the utilization of our Express network is still not optimal at the moment.

“However, as a result of our balanced cost and capacity management, we are in good shape even in a weak economic environment. And thanks to our unique logistics portfolio we are well prepared for when global trade regains momentum.”

Global Forwarding registered a slight increase in revenue for the second consecutive quarter, with mid-single-digit growth in air and ocean freight volumes against a low comparison base.

The Supply Chain division continues to benefit from the growth trends in e-commerce and omnishoring. New business, contract renewals, and expanding e-commerce contributed to higher revenue in almost all regions and sectors.

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