The Kuehne+Nagel Group demonstrated profitable growth in the third quarter of 2020, following a first half year marked by the coronavirus pandemic. On a currency-adjusted basis, the company significantly improved key operating figures in the third quarter.
Net turnover for the first nine months amounted to CHF 14.8 billion and EBIT to CHF 790 million. Currency fluctuations had a significant negative impact on both net turnover (-5.7%) and EBIT (-5.9%) for the first nine months. Free Cash Flow increased by 31.4% in the first nine months.
Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, said: "With our motivated team, we are ready for further growth together with our customers, especially in the pharma & healthcare and e-commerce sectors. Even though we expect considerable uncertainties in the coming months, we are well prepared".
In the third quarter of 2020, the earnings development in Sea Logistics reflected a very positive reversal of trend compared to the first half of the year. The improvement is due to the recovery of demand from SME customers and the increase in imports to Europe and North America from Asia.
In the third quarter of 2020, container volume rose by 10.4% to 1.2 million TEUs compared to the second quarter. The unit’s net turnover amounted to almost CHF 1.8 billion and EBIT improved by 12.3% year-on-year to CHF 137 million. The conversion rate reached 36.2%.
Process optimisation via local Customer Care Locations and central Operational Care Centres supported effective cost management and the future expansion of Kuehne+Nagel's leading market position.
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