Certainly a low-margin high volume game, with much of the profit being on the end-to-end side of the business. Taking the
DHL 2017 annual report as an example:
- As overall business, DHL had €3.7 bn profit on €60.4 bn revenue - around a 6% margin.
- On freight alone, profit was €0.28 bn on €14.5 bn revenue - margin of just 2%