The start of the 2023 business year was marked by geopolitical and inflation-related challenges worldwide. In parallel, the supply chain environment quickly normalised after the boom years of 2021 and 2022. Although demand for transport services declined as expected, the Kuehne+Nagel Group achieved solid results. The corona-related special economic situation distorts the comparison with the previous year. In the context of a normalised business environment and compared to the business performance before the pandemic, the first quarter of 2023 represents a record result.
Net turnover for the first three months of 2023 was CHF 6.7 billion, EBIT CHF 612 million and net earnings totaled CHF 462 million. The conversion rate, which describes the ratio of EBIT to gross profit of the Group, remained at a high level of 26%.
Stefan Paul, CEO of Kuehne+Nagel International AG: "The macroeconomic environment remained extremely challenging at the start of 2023. This does not come as a surprise as signs of significant weakening emerged last autumn, following the period of extraordinary, pandemic-related demand for logistics services.
With our focus on cost control through the consistent exploitation of the asset light model, the Kuehne+Nagel Group was able to hold its own in this environment and expand its market share worldwide. We already see early successes from the strategic Roadmap 2026 presented in March."
In the first quarter of 2023, net turnover of the Sea Logistics business unit was CHF 2.7 billion and EBIT totaled CHF 344 million. The conversion rate stayed at a high level of 50%. The container volume was 987,000 TEU over the first three months of 2023.
Kuehne+Nagel Sea Logistics made significant market share gains, establishing leadership on the transpacific route for the first time.
For more information:
Dominique Nadelhofer
Kuehne+Nagel Group
Tel.: +41 44 786 95 26
dominique.nadelhofer@kuehne-nagel.com