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Kerry profit up 33pc to US$234.2 million as 2020 sales rise 30pc

HONG KONG's Kerry Logistics Network (KLN) 2020 net profit increased 33 per cent year on year to HK$1

28 March 2021 - 19:00
HONG KONG's Kerry Logistics Network (KLN) 2020 net profit increased 33 per cent year on year to HK$1.82 billion (US$234.2 million), drawn on revenues of HK$53.3 billion, which rose 30 per cent.

The company also spoke of proposals afoot to link up with Shenzhen's SF Holdings.



'The proposed cooperation with SF Holding will scale up KLN Group, extending its reach and enhancing its R&D capabilities. The group is prepared to seize any opportunity that may arise, as well as to enhance its value for stakeholders,' said Kerry group managing director William Ma.



Profit attributable to the shareholders for 2020 was HK$2.89 billion. Excluding the gain from disposal of two warehouses in Hong Kong in 2019, it represents year-on-year growth of 58 per cent.



The integrated logistics business recorded a segment profit of HK$2.58 billion, up six per cent. The international freight forwarding business recorded a 64 per cent increase in segment profit to HK$1.01 billion.



'The Covid-19 pandemic has brought unprecedented challenges to everything from global public health to people's livelihoods,' said Mr Ma.



'The stop-and-go momentum of the global economy has caused severe disruption to the global supply chain. With human mobility severely curtailed, the role of logistics has become ever more paramount,' he said.



'Every link in the supply chain from sourcing and manufacturing to the distribution of finished products must still be maintained. Thanks to the collective efforts of our colleagues and business partners, KLN Group achieved record growth in both revenue and core net profit,' said Mr Ma.



In mainland China, the segment profit for the integrated logistics division bounced back in 2020 2H, offsetting the 37 per cent drop in 2020 1H, said the company statement. This was due to the resumption of manufacturing activities, recovery of local consumption and the rapid growth of the e-commerce market in mainland China.



In Taiwan, the integrated logistics business expanded 19 per cent year on year in segment profit, capitalising on the growth of semi-conductors and electronics manufacturing, the increasing demand in pharmaceutical logistics as well as the rise in e-commerce business.


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