Tue, Apr 23rd 2024
Amid fluctuating market dynamics, Kuehne+Nagel reports a dip in first-quarter financial performance, though signs of recovery appear with increased demand in sea and air freight services.
The logistics group Kuehne+Nagel achieved lower turnover in the first quarter this year than last year. However, the company is experiencing a slight increase in demand for sea and air freight transportation services.
Net sales fell by 18% to CHF 5.51 billion and gross profit by 13% to CHF 2.08 billion, as the company announced on Tuesday. As a result, the profit figures also deteriorated. Operating profit (EBIT) fell by 39% to 376 million and net profit by 40 percent to 278 million.
The logistics group had already felt the normalisation after the corona boom throughout 2023. Quarter after quarter, the question arose as to whether the bottom had been reached.
Greater progress was made in terms of profitability. The conversion rate, which describes the ratio of EBIT to gross profit and is an important indicator for management, rose to 18%. In the fourth quarter of 2023, it had slipped to 15.6%. The improvement is explained by a focus on cost measures.
In the boom years of 2021 and 2022, however, figures of over 30% were achieved in some cases. In the medium term, Kuehne+Nagel wants to achieve significantly higher figures again. Rates of 25 to 30% are targeted.
The company does not provide a concrete outlook for the current year.
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