SWITZERLAND-BASED logistics company Kuehne+Nagel reported year-on-year decreases in its first-quarter 2023 results, but profitability remains high on pre-pandemic levels.
The company saw a 31 per cent decrease in net turnover to CHF6.748 billion (US$11.47 billion) and a 19 per cent decrease in gross profit to CHF2.394 billion.
The company pointed out that the start of 2023 was marked by geopolitical and inflation-related challenges around the world, reports Australia's Daily Cargo News.
'In parallel, the supply chain environment quickly normalized after the boom years of 2021 and 2022,' the company said in a statement.
'Although demand for transport services declined as expected, the Kuehne+Nagel Group achieved solid results. The corona-related special economic situation distorts the comparison with the previous year. In the context of a normalized business environment and compared to the business performance before the pandemic, the first quarter of 2023 represents a record result.'
K+N's Air Logistics business unit saw net turnover of CHF1.9 billionand EBIT of CHF154 million 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 CHF2.7billion and EBIT of CHF344 million, moving 987,000 TEU over the first three months of 2023.
K+N International CEO Stefan Paul said the macroeconomic environment remained 'extremely challenging' at the start of this year.
'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,' he said.
'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.'
SeaNews Turkey
The company saw a 31 per cent decrease in net turnover to CHF6.748 billion (US$11.47 billion) and a 19 per cent decrease in gross profit to CHF2.394 billion.
The company pointed out that the start of 2023 was marked by geopolitical and inflation-related challenges around the world, reports Australia's Daily Cargo News.
'In parallel, the supply chain environment quickly normalized after the boom years of 2021 and 2022,' the company said in a statement.
'Although demand for transport services declined as expected, the Kuehne+Nagel Group achieved solid results. The corona-related special economic situation distorts the comparison with the previous year. In the context of a normalized business environment and compared to the business performance before the pandemic, the first quarter of 2023 represents a record result.'
K+N's Air Logistics business unit saw net turnover of CHF1.9 billionand EBIT of CHF154 million 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 CHF2.7billion and EBIT of CHF344 million, moving 987,000 TEU over the first three months of 2023.
K+N International CEO Stefan Paul said the macroeconomic environment remained 'extremely challenging' at the start of this year.
'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,' he said.
'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.'
SeaNews Turkey