Kuehne + Nagel profits fall over 50% in Q3

Airfreight profits for Kuehne + Nagel declined more than 50% for the first nine months of 2023 compared to the same period last year.

The net turnover for Q1-Q3 in the Air Logistics business unit was CHF 5 billion in comparison to 9.1 billion Q1-Q3 in 2022 and the EBIT was CHF 429 million, a reduction of 63% (EBIT Q1-Q3 2022: CHF 1.1 billion). 

While in Q3 for airfreight, EBIT declined 58% to CHF 136 million and net turnover reduced 46% to 1.5 billion. 

Kuehne+Nagel reported the pandemic-related special economic situation of 2021 and 2022 continued to distort the year-on-year comparison of all key figures.

At Group level, the EBIT results for the first nine months of 2023 almost doubled compared to pre-pandemic levels (EBIT Q1-Q3 2019: CHF 794 million) but ccmpared to 2022 for the same period EBIT declined 49% to 1.5 billion.

Between January and September 2023, around 1.5 million tonnes of airfreight were handled, with the perishables and aerospace segments performing particularly well.

In recent months, Kuehne+Nagel Air Logistics has invested in its infrastructure for future growth and opened a new air freight gateway at Paris Charles de Gaulle Airport with around 13,000sqm of storage space and direct tarmac access.

Stefan Paul, CEO of Kuehne+Nagel International AG, says: "The Kuehne+Nagel Group performed well in the third quarter of 2023, even though the hoped-for economic recovery failed to materialise. We gained market share and secured our yields. We achieved important successes in the implementation of the strategic Roadmap 2026, particularly in the area of renewable energy and in the growth markets of Asia. In the final quarter of 2023, we will continue to focus on cost control, which is firmly embedded in our corporate culture."