Renewed supply chain disruptions have increased demand for flexible logistics services according to Kuehne+Nagel.
From January to September 2024, the Kuehne+Nagel Group achieved a net turnover of 18 billion CHF (approx. €19.2 billion), EBIT of 1.2 billion CHF (approx. €1.3 billion) and earnings of 915 million CHF (approx. €978 million).
In Q3 2024 key indicators reportedly developed in a positive manner. The company said EBIT and profit, for the first time since the end of the pandemic, both increased quarter-on-quarter and year-on-year.
“The highly flexible logistics solutions of Kuehne+Nagel have once again proven to be a clear advantage for our customers in the face of increasing supply chain disruptions worldwide,” said Kuehne+Nagel International AG CEO, Stefan Paul.
“This is also reflected in our positive business development. The strategic streamlining of the company by removing the regional structure is beginning to bear fruit. We have also reached an important milestone in our strategy with the seamless migration to the cloud of our Sea and Air Logistics transport management system.”
Net turnover in the business unit Road Logistics amounted to 2.6 billion CHF (approx. €2.8 billion) with EBIT of 88 million CHF (approx. €94 million) in the period from January to September 2024. Due to macroeconomic developments, utilisation of the European transport network was lower year-on-year.
In August 2024, Kuehne+Nagel successfully completed the acquisition of the Malaysian company City Zone Express. As a result, Kuehne+Nagel can now offer less-than-truckload (LTL) services from China to major hubs in Southeast Asia.
Meanwhile, Contract Logistics achieved a net turnover of 3.5 billion CHF (approx. €3.7 billion) and EBIT of 162 million CHF (approx. €173 million) for the period January to September 2024.
In September 2024, Kuehne+Nagel opened a highly automated and sustainable logistics hub for Southern and Eastern Europe for Adidas in Mantova, Northern Italy. With an area of over 130,000 square metres, the facility can process up to half a million shipments per day in support of every retail channel – from single e-commerce parcels to bulk orders for large retailers.
In other news, SSAB has expanded its high strength steel fabricator network into Malaysia.