FRANKFURT – The German logistics group DHL recorded an even greater drop in profits than expected last year.

Operating earnings before interest and taxes (EBIT) plummeted by around a quarter to just over €6.3 billion ($6.84 billion), the DAX-listed company announced in Bonn on Wednesday.

Net profit for 2023 slumped by almost a third to just under €3.7 billion. Shareholders are nevertheless to receive an unchanged dividend of €1.85 per share for the financial year.

The share buyback programme is to be extended until 2025 and increased by €1 billion to €4 billion. However, DHL chief executive Tobias Meyer has not ruled out a further decline in earnings in 2024.

“In 2024, we will continue to face major uncertainty factors such as volatility in demand and geopolitical crises,” the executive said, according to a company press release.

He still does not anticipate a broad economic upturn in the first half of the year, but rather a further decline in market volumes in some cases. For the second half of the year, the group anticipates more positive global economic momentum compared to the previous year.

The operating result for 2024 as a whole is expected to be between €6 billion and €6.6 billion.