Freight forwarder Kuehne+Nagel announces first half results
On July 23, Kuehne+Nagel, the world's largest sea and air freight forwarder, announced its results for the second quarter and first half of 2024.
In the first half of the year, Kuehn&Nagel's Net turnover was 11.554 billion Swiss francs (about $12.981 billion), down 9% year-on-year. Earnings before interest, tax, depreciation and amortization (EBITDA) were CHF 1.185 billion ($1.331 billion), down 22% from a year earlier. Earnings before interest and tax (EBIT) were CHF 778 million ($874 million), down 32% year-on-year.
Net income in the second quarter was CHF 6.046 billion (US $6.792 billion), up 1% year on year. EBITDA was CHF 609 million (US $684 million), a decrease of 15%. EBIT was CHF 402 million ($452 million), down 23% year-on-year.
For the performance of the first half of the year, Kuehne + Nagel Group CEO Stefan Paul said that in the first half of the year, Kuehne + Nagel continued to achieve the "2026 strategic development path" as the main driver, although the rise in air cargo demand has a positive impact, but the escalation of tensions in the Red Sea has increased the complexity and uncertainty of the global supply chain. Kuehne & Nagel is prepared accordingly.
"We expect transportation demand to continue to grow in the second half of the year, and to this end, Kuehne + Nagel will further improve efficiency," he stressed.
Joerg Wolle, Chairman of the Board of Directors of Kuehne + Nagel Group, commented: "Kuehne + Nagel performed well in the first half of the year, and the actions initiated by the Board of Directors in April 2024 to streamline the company's organizational structure will significantly improve the efficiency of Kuehne + Nagel's services and bring us closer to our customers. This will allow us to implement our group strategy faster and provide our customers with better quality and comprehensive logistics solutions."
In the Marine logistics business, net revenue in the first half of the year was 4.057 billion Swiss francs (about $4.558 billion), down 17% from the same period last year. EBIT was CHF 397 million ($446 million), down 38%. Container freight volume of 2.1 million TEU.
As part of its "2026 Strategic Development Path," Kuehne + Nagel has opened 34 new customer service centers in the field of maritime logistics to increase support for small and medium-sized enterprises. At the same time, the company is providing more and more customers with sustainable solutions to reduce CO2 emissions.
In the air logistics business, net revenue for the first half of the year was 3.392 billion Swiss francs (about $3.811 billion), down 4% from the same period last year. EBIT was CHF 210 million (US $236 million), down 28% year-on-year. Air cargo volume reached 1 million tons, an increase of 5%.
Kuehne & Nagel said there was strong demand for air cargo as some customers sought to reduce transit times due to the Red Sea crisis.
In addition, the land transport business achieved net revenue of CHF 1.770 billion (~ US $1.989 billion), down 6% year-on-year; EBIT was CHF 66 million ($74.14 million), down 29 percent year-on-year.
Contract logistics generated net revenue of CHF 2.335 billion (US $2.623 billion), down 6%. EBIT was CHF 105 million (US $118 million), down 5% year-on-year.
Kuehne + Nagel's key results for the second quarter and first half
In the first half of the year, Kuehn&Nagel's Net turnover was 11.554 billion Swiss francs (about $12.981 billion), down 9% year-on-year. Earnings before interest, tax, depreciation and amortization (EBITDA) were CHF 1.185 billion ($1.331 billion), down 22% from a year earlier. Earnings before interest and tax (EBIT) were CHF 778 million ($874 million), down 32% year-on-year.
Net income in the second quarter was CHF 6.046 billion (US $6.792 billion), up 1% year on year. EBITDA was CHF 609 million (US $684 million), a decrease of 15%. EBIT was CHF 402 million ($452 million), down 23% year-on-year.
Kuehne + Nagel Group CEO Bossfan
For the performance of the first half of the year, Kuehne + Nagel Group CEO Stefan Paul said that in the first half of the year, Kuehne + Nagel continued to achieve the "2026 strategic development path" as the main driver, although the rise in air cargo demand has a positive impact, but the escalation of tensions in the Red Sea has increased the complexity and uncertainty of the global supply chain. Kuehne & Nagel is prepared accordingly.
"We expect transportation demand to continue to grow in the second half of the year, and to this end, Kuehne + Nagel will further improve efficiency," he stressed.
Joerg Wolle, Chairman of the Board of Directors of Kuehne + Nagel Group, commented: "Kuehne + Nagel performed well in the first half of the year, and the actions initiated by the Board of Directors in April 2024 to streamline the company's organizational structure will significantly improve the efficiency of Kuehne + Nagel's services and bring us closer to our customers. This will allow us to implement our group strategy faster and provide our customers with better quality and comprehensive logistics solutions."
Kuehne + Nagel Marine Logistics business second quarter and first half of the key performance data
In the Marine logistics business, net revenue in the first half of the year was 4.057 billion Swiss francs (about $4.558 billion), down 17% from the same period last year. EBIT was CHF 397 million ($446 million), down 38%. Container freight volume of 2.1 million TEU.
As part of its "2026 Strategic Development Path," Kuehne + Nagel has opened 34 new customer service centers in the field of maritime logistics to increase support for small and medium-sized enterprises. At the same time, the company is providing more and more customers with sustainable solutions to reduce CO2 emissions.
Kuehne + Nagel Air Logistics business second quarter and first half of the key performance data
In the air logistics business, net revenue for the first half of the year was 3.392 billion Swiss francs (about $3.811 billion), down 4% from the same period last year. EBIT was CHF 210 million (US $236 million), down 28% year-on-year. Air cargo volume reached 1 million tons, an increase of 5%.
Kuehne & Nagel said there was strong demand for air cargo as some customers sought to reduce transit times due to the Red Sea crisis.
In addition, the land transport business achieved net revenue of CHF 1.770 billion (~ US $1.989 billion), down 6% year-on-year; EBIT was CHF 66 million ($74.14 million), down 29 percent year-on-year.
Contract logistics generated net revenue of CHF 2.335 billion (US $2.623 billion), down 6%. EBIT was CHF 105 million (US $118 million), down 5% year-on-year.
