The company reported first quarter revenue of 61.1bn kroner ($8.71bn), up 77.5%, and the Air & Sea division was up 94.1% to DKK45.9bn.
The air and sea markets were affected by capacity shortages, exacerbated by lockdowns in China and the closure of Russian airspace.
Profits measured in EBIT were up 103.9% for the group to DKK6.5bn and by 108.5% to DKK5.2bn for the Air & Sea division.
Volumes grew by 22% mainly due to the integration of GIL, and without that, DSV estimates growth would have been about 2%.
In response to limited capacity caused by a lack of bellyhold capacity and the closure of Russian airspace, DSV is adding capacity to its Air Charter Network.
Jens Bjorn Andersen, Group CEO of DSV says: “For Q1 2022, we report a strong set of results, with earnings growth across all divisions and a strong cash flow. We are tracking the plans for the GIL integration and are on track for completion in Q3 2022. The markets continue to be impacted by tight capacity and congestion, and in March we saw the return of Covid-19 lockdowns in China – a reminder to us all that the pandemic is still not over.”
The war in Ukraine has had little direct impact on DSV but has stopped all but a few shipments to and from Belarus and Russia. DSV is also divesting its interests in Russia.
Andersen says: “The direct financial impact is not material as the combined revenue in Ukraine, Russia and Belarus represents less than 1% of the Group’s revenue. Still, the situation has impacted the markets negatively in several ways, especially for air and road transports, and we continue to do our best to find capacity and alternative solutions for our customers.”