Toll Group says it has reported a strong financial performance for the full year 2022, showing it had reached an important turning point in its financial performance and outlook.
The logistics company reported revenue of $7.6 billion, and Earnings Before Income Tax (EBIT) of $341 million, which it says was a significant increase from the previous year.
“2022 was a very significant year for Toll Group,” Thomas Knudsen, Toll Group Managing Director, says.
“We divested the loss-making Australian Express business, simplified our operations, and delivered strong growth in our forwarding and logistics operations,” he adds.
Toll Group says it delivered a net profit and positive cash flow for the year.
It adds that Global Logistics reported revenue of $3.3 billion and an EBIT of $137 million with strong performances in government contracts in Australia and Singapore contributing to the result – including the company’s important work in supporting the pandemic response.
It also says Global Forwarding delivered a record result of $3 billion revenue and an EBIT of $213 million with exceptional market conditions leading to the record-high performance.
It notes the division was well-positioned to benefit having undertaken significant transformation in the last years to improve productivity and focus on strategic businesses and networks.
“We continue to grow in Asia, which now accounts for 38 per cent of our revenue, with revenue up four-fold increase compared with six years ago,” Thomas says.
“Our achievements are a testament to the hard work and dedication of our team members around the world,” he adds.
“Our people have delivered our strategy and done an outstanding job delivering for our customers in a volatile logistics market.”
The company invested $100 million in new fleet, facilities, and technology, with a further $180 million set aside this year for continued investment and innovation.
For more information on Toll Group, click here.