Kuehne+Nagel Group 2022 H1 earnings up 113% on 2021
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The Kuehne+Nagel Group has said it has “successfully positioned its logistics service offering in the market" in the first half of 2022 following the release of its H1 results. The company has recorded notable increases in turnover, earnings and free cash flow.
In the first six months of this year, Kuehne+Nagel’s turnover rose by 55% year-on-year to CHF 20.6 billion. EBIT rose by 112% to CHF 2.2 billion, while earnings also went up by 113% to CHF 1.6 billion. Free cash flow increased too, by nearly CHF 1.3 billion. The Group’s conversion rate, which describes the ratio of EBIT to gross profit, was 37.2%.
When it comes to the company’s sea logistics performance, its container volumes in H1 2022 were 2.2 million TEU. The unit’s net turnover was CHF 9.9 billion and EBIT was CHF 1.2 billion. The conversion rate reached 62.2%.
As regards air freight, Kuehne+Nagel’s air freight volumes were 1.1 million tonnes in the first six months of 2022. The unit’s net turnover reached CHF 6.3 billion and EBIT CHF 826 million. The conversion rate was at 51.2%.
In the road freight section of the business, net turnover improved by 12% year-on-year to CHF 2.0 billion and EBIT by almost 50% to CHF 80 million.
Finally, in contract logistics, the business unit’s net turnover for the first six months of 2022 was 7% higher year-on-year. EBIT increased by 13% to CHF 81 million.
Commenting on the results, Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, said:
“The uncertainties and obstacles in global supply chains continued in 2022. The Covid-related lockdowns in China, the invasion of Ukraine, the exceptionally strong increase in energy prices and high inflation resulted in an even more challenging business environment. Based on our digital platforms and industry solutions, as well as the tireless efforts of our employees, we were able to deliver efficient, complex logistics solutions for our customers.”
Dr. Joerg Wolle, Chairman of the Board of Directors of Kuehne + Nagel International AG, added:
“Geopolitical and macroeconomic turmoil is challenging the global economy and especially the logistics industry. Even in this challenging environment, Kuehne+Nagel delivers what it promises: a strategically excellently positioned group that impresses with innovative customer solutions based on a global, highly adaptive network. As such, we expect demand for high quality services to remain solid in the second half of 2022.”