Kuehne + Nagel releases H1-21 results

Kuehne + Nagel

Kuehne + Nagel has released its results displaying year-on-year increases in net turnover, gross profit and EBIT for the first half of 2021. For the first half of this year, net turnover was almost CHF 13.3bn, a 35% increase on the first half of 2020. Gross profit rose 19% to CHF 4.3bn in the same period, while EBIT rose 147% to CHF 1bn.

Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, said, “This year, we are experiencing uniquely high consumer demand combined with supply chain uncertainty. Thanks to the tireless efforts of our employees, a successfully implemented strategy and our agile logistics solutions, we have once again met the increased service requirements of our customers in a challenging market environment. We expect demand to remain strong and look forward with confidence to continuing the positive development.”

Sea Logistics

K+N’s Sea Logistics business accounted for half of the company’s EBIT, rising 202% year-on-year in the first half of the year to CHF 504m. Net turnover increased by 55% on last year to CHF 5.2bn in the first half of this year, with Q2 showing 71% year-on-year growth as Q2 net turnover rose to CHF 2.8bn. At 2.2m TEUs, container volumes in the first half of 2021 were up 3% on the same period last year.

Air Logistics

High year-on-year growth was also recorded in K+N’s Air Logistics wing, with the company stating that demand for transport of pharmaceutical goods, essential goods and e-commerce was especially high. The acquisition of Apex also had an impact on the results, with the Asian freight forwarder being consolidated at the start of May.

In the first half of 2021, net turnover increased 62% to nearly CHF 4bn while EBIT increased 124% to CHF 406m. Air freight volumes were up 44% on last year at 988,000 tonnes. Demand for ecologically friendly air logistics has led to K+N entering into partnerships with American Airlines, IAG Cargo and Air France-KLM Martinair Cargo.

Road Logistics

In its Road Logistics business, K+N experienced a 108% increase in EBIT as it rose to CHF 54m in the first half of the year compared to the first half of 2020. Net turnover increased 14% year-on-year to CHF 1.8bn in the first half of 2021.

Contract Logistics

Like its Air Logistics business, K+N state its Contract Logistics business was aided by strong growth in pharmaceuticals and e-commerce. Despite that, net turnover and gross profit both experienced year-on-year decreases of 6% and 8% respectively in the first half of 2021, with net turnover dropping to CHF 2.2bn and gross profit dropping to CHF 1.7bn. EBIT however increased by 60% compared to 2020, to CHF 72m in the first of 2021.

Source: Kuehne + Nagel

*CHF=$1.09/€0.91

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