DHL Group reports 2023 financial results - CILT(UK)
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DHL Group reports 2023 financial results

06 March 2024/Categories: Industry News, Freight Forwarding, Logistics & Supply Chain


DHL Group achieved a revenue of EUR 81.8 billion in the financial year of 2023, down from EUR 94.4 billion in 2022.

The operating result (EBIT) was EUR 6.3 billion, lower than the EUR 8.4 billion recorded in 2022, however, the EBIT figure met DHL Group's earnings forecast of at least EUR 6.2 billion for 2023.

Free cash flow excluding net M&A was EUR 3.3 billion, down from EUR 4.6 billion in 2022 but above the 2023 forecast of EUR 3 billion.

CEO Tobias Meyer: "We are continuing to invest in our logistics network - particularly in our e-commerce capabilities, but also in the decarbonisation and digitalisation of our operations. We are very well positioned for the current opportunities and challenges."

Volumes in the DHL Express business declined for the second consecutive year, though less than the overall market average decline.

DHL Global Forwarding, Freight faced challenges from lower freight volumes and normalising freight rates. DHL Supply Chain's business grew, while DHL eCommerce and the German parcel business benefited from e-commerce trends.

Free cash flow for DHL Group was EUR 2.9 billion, down slightly from EUR 3.1 billion in 2022 despite the lower EBIT. Price increases in unregulated segments and cost-cutting measures supported cash flow.

Consolidated net profit after non-controlling interests was EUR 3.7 billion, compared to EUR 5.4 billion in 2022. Basic earnings per share were EUR 3.09, down from EUR 4.41 the prior year.

“The year 2023 was characterised by a weak global economy and, above all, weak global trade.

“Even under these conditions, we achieved our targets for the year. Our high profitability allows us to continuously invest in our network, sustainability, digitalisation and our e-commerce capabilities and to further improve quality for our customers.

“Major uncertainty factors such as volatility in demand and geopolitical crises will remain with us in 2024. However, we are very well positioned for the opportunities and challenges of 2024” added Tobias.

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