K+N holds its own in Q1
25 / 04 / 2023
Stefan Paul, K+N chief executive
Multimodal forwarder Kuehne+Nagel International (K+N) achieved a record result for the first quarter of 2023, “[in] the context of a normalised business environment and compared to the business performance before the pandemic” – thanks, the company said, to its focus on efficiency.
K+N’s Air Logistics business unit saw net turnover of SFr1.9bn ($2.1bn) and EBIT of SFr154mn ($175mn) for the quarter, and airfreight volumes came to 475,000 tonnes – with K+N gaining market share in the transport of perishable goods, among other areas.
A highlight of the quarter was the delivery in February of the last Boeing 747 ever produced, as part of a long-term charter agreement with Atlas Air. The aircraft will be used mainly on the transpacific route for K+N’s subsidiary Apex Logistics.
Meanwhile, the company’s Sea Logistics business unit achieved net turnover of SFr2.7bn ($3bn) and EBIT of SFr344mn ($388mn), moving 987,000 TEU over the first three months of 2023.
Its Road Logistics division achieved net turnover of SFr956mn ($1.1bn) and EBIT of SFr52mn ($59mn).
As for Contract Logistics, net turnover was SFr1.3bn ($1.5bn) with EBIT of SFr62mn ($70mn).
Overall, net turnover for the first three months of 2023 was SFr6.7bn ($7.6bn), EBIT SFr612mn ($690mn) and net earnings totalled SFr462mn ($521mn).
Stefan Paul, K+N chief executive, said: “The macroeconomic environment remained extremely challenging at the start of 2023. This does not come as a surprise as signs of significant weakening emerged last autumn, following the period of extraordinary, pandemic-related demand for logistics services.
“With our focus on cost control through the consistent exploitation of the asset-light model, the Kuehne+Nagel Group was able to hold its own in this environment and expand its market share worldwide. We already see early successes from the strategic Roadmap 2026 presented in March.”