Kuehne+Nagel more than doubles earnings in the first half of 2021

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Kuehne+Nagel finishs 2021 with strong performance


The continued recovery of the global economy led to strong demand for logistics services in the first half of 2021.

In this environment, the Kuehne+Nagel Group delivered an outstanding financial performance; all business units were able to significantly exceed prior year earnings.

At CHF 13.3 billion (£10.62 billion) , the Group’s net turnover for the first six months of 2021 was 35% higher than in the same period of last year while EBIT more than doubled to CHF 1.0 billion (£0.8 billion).

Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, says: “This year, we are experiencing uniquely high consumer demand combined with supply chain uncertainty. Thanks to the tireless efforts of our employees, a successfully implemented strategy and our agile logistics solutions, we have once again met the increased service requirements of our customers in a challenging market environment. We expect demand to remain strong and look forward with confidence to continuing the positive development.”

Air Logistics

CHF million

H1 2021

H1 2020

Δ

Q2 2021

Q2 2020

Δ

Net turnover

3,976

2,460

62%

2,326

1,369

70%

Gross profit

959

642

49%

557

335

66%

EBIT

406

181

124%

243

110

121%

Despite global capacity constraints, Air Logistics recorded significant volume growth in the first half of 2021 thanks to tailor-made customer solutions such as combined sea and air freight. The business unit again recorded strong market share gains. Transport solutions for pharma and essential goods as well as e-commerce were in particularly high demand.

From May onwards, the first-time consolidation of Apex also contributed to the overall result. The company is one of Asia’s leading freight forwarders, especially on the transpacific trade route. Together, Kuehne+Nagel and Apex offer their customers a compelling value proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech and e-mobility.

Air freight volumes in the first half of 2021 were up 44% on the same period last year at 988,000 tonnes. Net turnover was CHF 4.0 billion (£3.19 billion) and EBIT CHF 406 million (£324.1 billion). The conversion rate was 42.3%.

The demand for ecologically-friendly solutions such as Sustainable Aviation Fuel (SAF) expanded sharply over the period. In response, Kuehne+Nagel entered into partnerships with American Airlines, IAG Cargo (British Airways) and Air France-KLM Martinair Cargo.