Logistics giant Toll Group has reported a strong financial performance for the full year 2022, announcing revenue of $7.6 billion, and Earning Before Income Tax (EBIT) of $341 million.
Toll said this shows it had reached an important turning point in its financial performance and outlook, which also marks a significant increase over the previous year.
Managing Director Thomas Knudsen said the company was clearly building financial momentum.
“2022 was a very significant year for Toll Group. We divested the loss-making Australian Express business, simplified our operations, and delivered strong growth in our forwarding and logistics operations,” Knudsen said.
The company noted that in a sign of a turnaround, it delivered a net profit and positive cash flow for the year.
Toll also said that Global Logistics reported revenue of $3.3 billion and an EBIT of $137 million, which have resulted from strong performances in government contracts in Australia and Singapore, including the company’s work in supporting the pandemic response.
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The company said that Global Forwarding delivered a record result of $3 billion revenue and an EBIT of $213 million.
While exceptional market conditions led to the record-high performance, it said the division was well-positioned to benefit having undertaken significant transformation in the last three years to improve productivity and focus on strategic businesses and networks.
“We continue to grow in Asia, which now accounts for 38% of our revenue, with revenue up four-fold increase compared with six years ago,” Knudsen said.
“Our achievements are a testament to the hard work and dedication of our team members around the world. Our people have delivered our strategy and done an outstanding job delivering for our customers in volatile logistics market,” he concluded.
Toll also announced that it has invested $100 million in new fleet, facilities and technology. An additional $180 million will also be set aside this year for continued investment and innovation.
Source: Toll Group