The Switzerland-based transport and logistics company reported net sales of CHF 24.8 billion, an increase of 4% year-on-year. EBIT fell by 13% to CHF 1.65 billion, while net profit declined by 16% to CHF 1.23 billion.
Nevertheless, the fourth quarter outperformed the previous year, with EBIT rising 31%. One of the most important strategic measures—expansion through targeted acquisitions in North America and Asia—contributed to this result.
Sea freight: Growth driven by market dislocations
Fiscal year 2024:
- Net sales: CHF 9.3 billion (+8% vs. 2023)
- EBIT: CHF 851 million (-16% vs. 2023)
At the end of December 2024, container volume stood at 4.3 million TEU. The conversion rate remained high at 41%.
Kühne + Nagel strengthened its presence in the United States by acquiring 51% of IMC Logistics from Collierville, Tennessee. IMC moves approximately 2.2 million TEU annually. This acquisition expands Kühne + Nagel’s ocean freight services, adding comprehensive intermodal transport solutions from US coastal seaports to inland customer locations and back.
Air cargo: Resilience in challenging times
Fiscal year 2024:
- Net sales: CHF 7.3 billion (+5% vs. 2023)
- EBIT: CHF 478 million (-14% vs. 2023)
- Transport volume: 2.1 million tonnes (+6% vs. 2023)
While transport volumes increased, margin pressure resulted in a 14% decline in EBIT. The automotive parts business was particularly affected, whereas pharmaceuticals, perishable goods, and aerospace provided stability.
Land Transport: Weak economy weighs on performance
Fiscal year 2024:
- Net sales: CHF 3.48 billion (-2% vs. 2023)
- EBIT: CHF 98 million (-26% vs. 2023)
- Transport volume: 24 million orders
The weak economic situation in Europe had a significant impact on the general cargo business. However, Kühne + Nagel strengthened its position in land transport through two acquisitions: Farrow, a customs service provider in Canada, and City Zone Express, a land transport provider in Malaysia.
Contract logistics: The most successful division
Fiscal year 2024:
- Net sales: CHF 4.7 billion (-1% vs. 2023)
- EBIT: CHF 227 million (+14%)
Despite a slight decline in revenue, the division achieved a record EBIT of CHF 227 million. A key success factor was the opening of a new distribution center for Adidas in northern Italy, capable of processing up to 500,000 shipments per day.
Dividend cut and strategic outlook
Kühne + Nagel announced a dividend proposal of CHF 8.25 per share (2023: CHF 10.00 per share), representing a 4% yield based on the closing price at the end of 2024.
“Kühne + Nagel has made a very good start to the new financial year. We are confident that we will be able to continue our positive development in 2025,” said Jörg Wolle, Chairman of the Board of Directors of Kühne + Nagel International AG.
According to the company, it will provide further details on its strategic direction and financial planning for the coming year during its Investor Day on 25 March.