Kuehne+Nagel’s releases its financial results for 2023


Kuehne+Nagel’s financial performance in 2023 returned to a more typical level after the unique economic challenges of 2021 and 2022. The company achieved a net turnover of CHF 23.8 bn, EBIT of CHF 1.9 bn, and net profit of CHF 1.5 bn. In the fourth quarter, there were one-time redundancy costs of CHF 53 mn. The conversion rate, indicating the proportion of EBIT to gross profit, stood at 22%.

Stefan Paul, CEO of Kuehne+Nagel International AG, remarked that despite ongoing challenges, the company performed well overall in 2023. They adjusted their cost structure to match market conditions and made significant progress in their Roadmap 2026 objectives. Additionally, they expanded their market share in Sea Logistics, particularly within the SME segment, and completed two important acquisitions.

Sea Logistics saw a net turnover of CHF 8.6 bn and EBIT of CHF 1.0 bn in 2023, with a high conversion rate of 44%. The business unit achieved volume growth, especially in the SME segment, and gained market share on key routes.

Air Logistics generated a net turnover of CHF 6.9 bn and EBIT of CHF 555 mn in 2023, with a conversion rate of 31%. The segment performed well in e-commerce and perishables, handling nearly two mn tonnes of air freight.

Road Logistics recorded a net turnover of CHF 3.5 bn and EBIT of CHF 133 mn in 2023, with just under 23 mn orders processed. While the first half of the year saw solid performance, demand declined in the second half.

Contract Logistics reported a net turnover of CHF 4.8 billion and EBIT of CHF 200 mn in 2023, achieving a 6% conversion rate. Growth in e-commerce and healthcare logistics contributed to this success.

The Board of Directors will propose a dividend of CHF 10.00 per share at the Annual General Meeting on May 8, 2024, allowing shareholders to benefit from the company’s success.

Dr. Joerg Wolle, Chairman of the Board of Kuehne+Nagel International AG, highlighted the company’s continued global market leadership and emphasized their focus on customer experience and cost efficiency. He expressed confidence in the company’s strategy and its ability to maintain a competitive edge.

Source: Kuehne+Nagel