The logistics company reached historic highs last year
Logistics company Toll Group has reported a strong financial performance for the 2022 financial year as it points towards an important turning point in its performance and outlook.
Toll Group says it recorded a revenue of $7.6 billion and $341 million in earnings before income tax (EBIT) in a dramatic increase from 2021.
“2022 was a very significant year for Toll Group,” Toll managing director Thomas Knudsen says.
“We divested the loss-making Australian Express business, simplified our operations and delivered strong growth in our forwarding and logistics operations.”
Global Logistics also reported a revenue of $3 billion and an EBIT of $137 million due to strong performance in government contracts in Australia and Singapore.
While Toll Group says it delivered a net profit and positive cash flow for 2022, Global Logistics credited its increase in revenue to its work in Australia’s pandemic response.
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Another Toll subsidiary in Global Forwarding recorded a record $3 billion revenue and an EBIT of $213 million in a historic-high performance.
“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,” Knudsen says.
“Our achievements are a testament to the hard work and dedication of our team members around the world.”
The company invested $100 million in new fleets, facilities and technologies while it continues to set aside money for more investments.
“Our people have delivered our strategy,” Knudsen says. “They’ve also done an outstanding job delivering for our customers in a volatile logistics market.”