The trend of normalising business results continues for Kuehne+Nagel as the logistics major posted a 48 per cent drop in its net earnings for 2023, versus 2022. The company said its net income in 2023 landed at €1.5 billion (CHF 1.46 billion), while net turnover for the period amounted to €24.9 billion (CHF 23.8 billion), 40 per cent below the 2022 figures. 

The company said the results reflect the normalisation of its business in 2023 following the special economic situation in the years 2021 and 2022.

“Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. We adjusted our cost base to market conditions by intensifying restructuring measures in the fourth quarter. At the same time, we succeeded in gaining market share in Sea Logistics, especially in the SME segment. We signed two important acquisitions with Morgan Cargo from South Africa and Farrow from Canada. We are making solid progress toward our Roadmap 2026 goals,” said Stefan Paul, CEO of Kuehne+Nagel International.

Segment figures

Net turnover in Sea Logistics amounted to €8.9 billion (CHF 8.6 billion) in the financial year 2023. The container volume totalled 4.3 million TEU at the end of December 2023. In an overall declining market, the business unit recorded volume growth in the second half of the year, particularly in the SME segment.

Net turnover in Air Logistics was €7.2 billion (CHF 6.9 billion) in the financial year 2023. Nearly two million tonnes of air freight were handled by Kuehne+Nagel between January and December 2023.

Net turnover in Road Logistics was €3.6 billion (CHF 3.5 billion) in the financial year 2023, with a volume of just under 23 million orders. Following a solid business performance in the first half of 2023, shipment volume demand declined in the second half of the year.

With a net turnover of €5.0 billion (CHF 4.8 billion), Contract Logistics reported another year of improved financial performance in 2023.

“Kuehne+Nagel performed well in the challenging year 2023. We continued to expand our global market lead. This is also based on a high and growing market relevance in the increasingly important world regions such as Asia and the North Pacific trade lanes,” Joerg Wolle, Chairman of the Board of Kuehne+Nagel International.