Deutsche Post raised its medium-term financial targets on Tuesday after beating its forecasts for 2020, predicting that the boom in ecommerce driven by the coronavirus pandemic will continue and world trade will gradually recover.
Deutsche Post DHL, one of the world's biggest post and freight companies, expects operating profit to rise to more than 5.6 billion euros ($6.64 billion)in 2021, and to more than 6.0 billion in 2023, after a 17% rise to 4.8 billion in 2020.
The company said it expected a continuation of structural growth in e-commerce and strong shipment volumes in national and international parcel business, while world trade and business customer activities should gradually recover.
Deutsche Post reported 2020 revenue rose 5.5% to 66.8 billion euros, shy of average analyst forecasts for 67 billion euros.
The German logistics group said on Monday it will buy back shares up to a total of 1 billion euros for a one-year period starting in March and said it will propose a dividend of 1.35 euros per share for 2020, up from 1.15 euros in 2019.