Austrian freight forwarder, Gebrüder Weiss concluded its 2024 fiscal year with impressive net revenues of €2.71bn ($2.92bn), marking a 10% increase over 2023.
A standout performer was the Air & Sea business segment which saw a substantial 21% revenue boost, reaching €939m($1.01bn). The growth was largely driven by the company’s expanded operations in the US and Germany, alongside increased Transpacific trade volumes. Rising sea freight rates from China to Europe provided an additional lift, while disruptions in the Red Sea, forcing container ships to take longer detours around South Africa, further contributed to the demand for transport services.
Meanwhile, the Land Transport and Logistics segment showed a solid 5% growth, reaching €1.52bn ($1.63bn). This was supported by the growth of the Home Delivery service, which focuses on bulky items like furniture and appliances. The company’s parcel service, DPD Austria, processed over 63m parcels, largely driven by exports and private consumer demand. Results from other segments were not disclosed.
North America proved to be a major growth driver for the company, with revenues surging by 47%. Strategic expansions in the US played a pivotal role, including the acquisition of Cargo-Link in Salt Lake City and the opening of new offices in Denver and Phoenix. These moves increased the company’s North American footprint to 17 locations.
Continuing its investment strategy, Gebrüder Weiss allocated €124m ($129m) towards modernizing infrastructure, automating warehouses, and advancing e-mobility and renewable energy initiatives. CEO Wolfram Senger-Weiss confirmed that this investment approach will persist in 2025 as the company focuses on enhancing its sustainable and digital solutions.
Author: Shruti Sasidharan
Source: Ti Insight
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