Kuehne+Nagel's business results normalised in 2023 following the special economic situation in the years 2021 and 2022. The Group's net turnover amounted to CHF 23.8 billion in 2023, EBIT to CHF 1.9 billion and net profit to CHF 1.5 billion. In the fourth quarter one-off redundancy costs of CHF 53 million were recorded. The conversion rate, which describes the ratio of EBIT to the gross profit, was 22%.
Stefan Paul, CEO of Kuehne+Nagel International AG: "Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. We adjusted our cost base to market conditions by intensifying restructuring measures in the fourth quarter. At the same time, we succeeded in gaining market share in Sea Logistics, especially in the SME segment. We signed two important acquisitions with Morgan Cargo from South Africa and Farrow from Canada. We are making solid progress toward our Roadmap 2026 goals."
Sea Logistics
Net turnover in Sea Logistics amounted to CHF 8.6 billion and EBIT to CHF 1.0 billion in the financial year 2023. The conversion rate remained at a high level of 44%.
The container volume totalled 4.3 million TEU at the end of December 2023. In an overall declining market, the business unit recorded volume growth in the second half of the year, particularly in the SME segment. Market share gains expanded on the Asia-Europe and transpacific routes, amongst others.
Air Logistics
Net turnover in Air Logistics was CHF 6.9 billion and EBIT CHF 555 million in the financial year 2023, with a conversion rate of 31%.
Nearly two million tonnes of air freight were handled by Kuehne+Nagel between January and December 2023. The e-commerce and perishables segments performed particularly well. In November 2023, Kuehne+Nagel completed the acquisition of the South African company Morgan Cargo.
For more information:
Dominique Nadelhofer
Kuehne+Nagel
Tel.: +41 44 786 95 26
Email: dominique.nadelhofer@kuehne-nagel.com