DSV leaves Russia and Belarus completely and is in the process of handing over its Russian business to the local management, according to DSV’s chief executive.
Jens Bjørn Andersen, CEO of DSV. | Photo: Lars /Foto: Lars /Ritzau Scanpix
Logistics firm DSV is currently exiting its business in Russia, where the local management is expected to take over activities, announces the company in connection with the release of its first-quarter results.
DSV has already suspended its Russian and Ukrainian activities as a consequence of Russia’s invasion.
DSV’s activities in Russia, Belarus and Ukraine only make up roughly 1 percent of the company’s total revenue.
”We are in a process, in which we examine whether we can hand over our activities there [in Russia, -ed.] to our local management, meaning they basically take over,” says DSV CEO Jens Bjørn Andersen to Danish news agency Marketwire.
”We feel that the right thing to do is to leave the country altogether. We are in the final process of doing so together with our local management,” states Andersen.
Without specifying which, he adds that the sale is made under certain conditions.
The first quarter this year went so well for DSV that the company has upgraded its full-year guidance for the operating result (EBITDA) to DKK 21-23bn (USD 3.1-3.4bn) from the previous DKK 18-20bn, according to a financial statement.
The upward adjustment is based on an increased operating profit (EBIT) from DKK 3.067bn in Q1 last year to DKK 6.496bn in Q1 this year.
DSV’s total revenue was almost doubled in Q1 to DKK 61bn from roughly DKK 34bn in the same period last year.
English edit: Kristoffer Grønbæk
