Kuehne + Nagel Earns Significantly Less in the Second Quarter
Published: Tuesday, Jul 25th 2023, 07:00
Actualizado el: Viernes, Oct 13th 2023, 14:12
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Kühne+Nagel, a logistics company based in Switzerland, reported a significant decrease in revenue and profit in the second quarter of 2023. The (adjusted) gross revenue dropped by 24% to 2.3 billion Swiss francs, resulting in a halving of the operating profit (EBIT) to 523 million and a reduction of the net profit to 398 million. The conversion margin, which is the ratio of EBIT to gross revenue, decreased from 36.4% to 23.2%. Despite the decrease, the results exceeded the expectations of analysts. The decrease was not unexpected, as the signs of normalisation had been evident since the end of the Corona boom. The focus in the second quarter was on profitability and balanced volume growth, and progress was made in terms of cost efficiency. The sea freight sector saw market share gains and a stable earnings situation, while the air freight sector remained challenging due to declining volumes. Kühne+Nagel is focusing on the development of its strategic roadmap for 2026, which has been well received. The company is aiming to exploit market potential in Asia, Africa and the Middle East, as well as offering high-margin services.
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