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Kuehne+Nagel Reports Positive 2023 Results Despite Challenges

Kuehne+Nagel, a global leader in maritime, breakbulk, project freight, cargo, and logistics, announced its financial results for the fiscal year 2023, showcasing resilience in a challenging economic climate. Despite facing headwinds, the company demonstrated robust performance across various segments.

In FY 2023, Kuehne+Nagel recorded a net turnover of CHF 23.8 billion, with EBIT reaching CHF 1.9 billion and net profit amounting to CHF 1.5 billion. Notably, the fourth quarter saw one-off redundancy costs of CHF 53 million. The sea freight division showed a positive trend in volumes during the latter half of 2023, indicating a rebound from previous setbacks.

Stefan Paul, CEO of Kuehne+Nagel International AG, expressed satisfaction with the company’s overall performance, particularly highlighting their success in gaining market share in Sea Logistics, especially within the SME segment. Paul also emphasized the importance of strategic acquisitions, including Morgan Cargo from South Africa and Farrow from Canada, which align with the company’s Roadmap 2026 goals.

Segment Performance

Sea Logistics: Despite challenges, net turnover in Sea Logistics amounted to CHF 8.6 billion, with EBIT reaching CHF 1.0 billion. Noteworthy was the volume growth, particularly in the SME segment, and market share gains on key routes.

Air Logistics: The air freight division saw a net turnover of CHF 6.9 billion and EBIT of CHF 555 million. Notably, Kuehne+Nagel handled nearly two million tonnes of air freight in 2023, with e-commerce and perishables segments performing exceptionally well.

Road Logistics: Net turnover in Road Logistics stood at CHF 3.5 billion, with EBIT of CHF 133 million. Despite a decline in shipment volume demand in the latter half of 2023, the company completed strategic acquisitions to bolster its position.

Contract Logistics: With net turnover of CHF 4.8 billion and EBIT of CHF 200 million, Contract Logistics reported improved financial performance. Focus on e-commerce and healthcare logistics contributed to this growth.

Dividend Proposal

The Board of Directors proposed a dividend of CHF 10.00 per share for the financial year 2023, reflecting the company’s commitment to rewarding shareholders and acknowledging its strong performance.

Dr. Joerg Wolle, Chairman of the Board of Kuehne+Nagel International AG, reiterated the company’s commitment to customer experience and cost efficiency. He highlighted the strategy’s success and its adaptability to market changes, ensuring a competitive edge even in challenging market cycles.

As Kuehne+Nagel continues its journey, the proposed dividend aims to celebrate its successes with shareholders, fostering a sense of shared accomplishment.

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