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World
AIR CARGO

Kuehne+Nagel, DSV report NEOM, DSV

establish $10
weak results billion logistics

joint venture
uehne+Nagel reported 23 percent decline in cost/100 Profit for the period
Ka 53 percent decline in kg year-over-year. declined to DKK 2.8 billion
earnings at CHF 321 million Between January and Sep- ($392 million).
($360 million) for the third tember 2023, around 1.5 million Air freight volumes con-
quarter ended September 30, tonnes of air freight were han- tinue to be impacted by lower
2023 on 61 percent decline in dled. Net turnover was CHF 5 demand and a shift from air
revenue at CHF 1.9 billion billion ($5.6 billion) and EBIT was to sea. Gross profit yields are
($2 billion). CHF 429 million ($480 million). declining, as expected, but are EOM and DSV have
Air logistics EBIT declined DSV reported a 38 percent still at high absolute levels. Nannounced a $10
58 percent to CHF 136 million decline in revenue at DKK 35.6 For the first nine months of billion exclusive logistics
($152 million) on 46 percent billion ($5 billion) for the third 2023, DSV reported revenue of joint venture to support
decline in turnover at CHF 1.5 quarter ended September DKK 114.3 billion ($16 billion) the development of the
billion ($1.7 billion). The air 30, 2023 on lower rates and and profit of DKK 9.5 billion ambitious projects taking
logistics business reported a declining air and sea volumes. ($1.3 billion). shape in NEOM,
Saudi Arabia.
Under the agreement,
the joint venture will
provide end-to-end supply
chain management, devel-
opment and investments
in transport and logistics
assets and infrastructure as
well as transport and deliv-
ery of goods and materials
within NEOM.
While NEOM will hold 51
percent of the joint venture,
DSV will hold the remaining
Adani incorporates aircraft leasing unit 49 percent. In addition to
its impact on the logistics
landscape, the venture
dani Ports and Special is expected to boost the
AEconomic Zone Saudi economy through
incorporated a wholly-owned infrastructure development
subsidiary Udanvat Leasing IFSC and creating more than
to carry out the business activity 20,000 job opportunities.
of owning and leasing aircraft. Located in the northwest
Adani Group already man- of Saudi Arabia, NEOM is set
ages seven airports in India to become a community
- Ahmedabad, Mumbai, Jaipur, powered by talent and
Thiruvananthapuram, Guwa- diversity across 14 sectors.
hati, Lucknow and Mangaluru The total shareholder
- through its subsidiary Adani funding commitment up
Airports Holding. and until December 31,
Udanvat is incorporated in International Finance Services leasing hubs like Dublin and Sin- 2031 is $5 billion. The joint
Gujarat International Finance Centres Authority (IFSCA) and gapore. Air India acquired India’s venture will not have any
Tec-City (GIFT City), Gandhina- GIFT City intend to make India first Airbus A350-900 aircraft material financial impact
gar, Gujarat, India. GIFT City is In- an aviation financing and aircraft through a lease transaction on DSV for the financial
dia’s first and only International leasing hub by luring airlines and with HSBC through GIFT City in year 2023.
Financial Services Centre (IFSC). lessors away from traditional September 2023.
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