The Kuehne+Nagel Group achieved solid results in a challenging market environment in the first half of 2023. The pandemic-related special economic situation in 2021 and 2022 continued to distort the year-on-year comparisons across the entire range of figures.
Net turnover for the first six months of 2023 was CHF 12.7 billion, EBIT was approximately CHF 1.1 billion with earnings of CHF 860 million. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 24%.
Stefan Paul, CEO of Kuehne+Nagel International AG said,"Kuehne+Nagel coped well with the transition from the exceptional economic situation shaped by the pandemic. In a weakened economic environment, Sea and Contract Logistics gained market share and kept earnings stable. In contrast, volumes in Air Logistics declined broadly in line with the market. While our ongoing cost control efforts became more visible in the second quarter of 2023, our strategic path is unchanged with a focus on high-quality logistics services and an extraordinary customer orientation."
Net turnover of the business unit Air Logistics for the first half of 2023 was CHF 3.5 billion and EBIT was CHF 293 million. The pace of declining volumes eased somewhat in the second quarter. Air freight volume in the first half of 2023 was 957,000 tonnes. The conversion rate was 31%.
In June 2023, Kuehne+Nagel signed an agreement to acquire Morgan Cargo, a leading Air Logistics provider in South Africa, the UK and Kenya. The company specialises in perishables, employs 450 logistics experts and handled 40,000 tonnes of air freight and 20,000 TEU in 2022.
Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne+Nagel International AG said, "In the first half of 2023, the Kuehne+Nagel Group's financial results were significantly greater than the comparable figures of the pre-Corona period and the Group has performed well in the new environment. In the coming years, Roadmap 2026 will remain the key driver of Kuehne+Nagel’s strategic development. The program, launched in March 2023, was very positively received both internally and externally and we are already seeing the first successes. Our focus remains on the provision of high-margin services and the development of market potential in Asia, Africa and the Middle East."
