K+N 2021 profit zooms 173%, all business units contribute
Russia's acts of war highlight unpredictable nature of geopolitics: CEO Dr. Detlef Trefzger
Kuehne+Nagel, a global leader in sea and air freight, reported a 61 percent increase in turnover to CHF32.8 billion ($35.8 billion) and earnings nearly tripled (173 percent) to CHF2.2 billion ($2.4 billion) on "all business units contributing to the success."
"In 2021, Kuehne+Nagel proved itself an important and reliable logistics partner in a challenging market environment," says Dr. Detlef Trefzger, CEO, Kuehne + Nagel. "Our 78,000 colleagues worked relentlessly to support customers with a winning service offering. Once again, we focused on customers, systems and employees, we accelerated strategic initiatives and we far surpassed our ambitious financial targets. Thus far, in the current year, the business outlook has been favourable. However, Russia's acts of war highlight the unpredictable nature of geopolitics – the effects of which on economic development cannot yet be assessed."
Airfreight volume up 55%
At 2.2 million tonnes, airfreight volume for 2021 increased 55 percent on a YoY basis. "The first-time consolidation in May 2021 of Apex Logistics accounted for around half of the growth."
Turnover more than doubled to CHF10.8 billion ($11.8 billion). "Air freight played a vital role in the global distribution of Covid-19 vaccines. Kuehne+Nagel transported 1.2 billion doses to around 90 countries around the globe. The Group's robust vaccine logistics foundation is rooted in a global healthcare network of over 240 sites."
Sea logistics turnover almost doubles
The sea logistics business witnessed only a marginal increase in container volume (2 percent) to 4.6 million TEU but turnover almost doubled (up 93 percent) to CHF13.7 billion ($14.9 billion) and EBIT of CHF 1.5 billion ($1.6 billion).
"In 2021, our proven online Seaexplorer platform functionality was expanded significantly. For example, Kuehne+Nagel developed a disruption indicator to measure the efficiency of global sea freight networks. The platform creates transparency and signals potential obstructions along the supply chain due to, for example, processing inefficiency or adverse weather conditions."