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AN 18 per cent fall in turnover and a 28 per cent drop in EBITDA year on year for the first quarter has not stopped Khuene+Nagel International CEO Stefan Paul describing the result as ‘solid’.
The Swiss 3PL said the start of the business year 2024 was characterized by a slightly improving demand trend for transportation services in Sea and Air Logistics, reports Australia’s Daily Cargo News.
Kuehne+Nagel Group’s net turnover in the first quarter of 2024 amounted to CHF5.5 billion (US$6 billion), with an EBIT of CHF376 million and earnings before minorities of CHF278 million. The results were lower overall and impacted by negative exchange rate effects of 3 per cent relative to the prior year, the company said.
Across the divisions, Sea Logistics turnover fell 28 per cent and gross profit 27 per cent; Air Logistics turnover dropped 15 per cent and gross profit 20 per cent; Road Logistics turnover slipped 10 per cent and gross profit 7 per cent; and Contract Logistics turnover declined 10 per cent and gross profit 2 per cent.
Mr Paul said K+N’s focus on efficiency and streamlined structures allowed it to reduce costs per unit by 12 per cent in Sea Logistics and 14 per cent in Air Logistics.
‘By discontinuing the regional structure, we have laid the foundations for further growth and enabled more direct access to our customers worldwide. Additionally, we have strengthened our offering for our Southeast Asia customers through our strategic acquisition of City Zone Express, a Penang, Malaysia-based Road Logistics service provider,’ he said.
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