Kuehne+Nagel 2023 net earnings down 48%

Nearly two million tonnes of air freight were handled by Kuehne+Nagel between January and December 2023.

Net turnover in air logistics declined 41% to CHF 6.9 billion ($7.8 billion) and EBIT dropped 61% to CHF 555 million ($627 million) for 2023.

Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. 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: Stefan Paul, Kuehne+Nagel

Kuehne+Nagel has signed an agreement to acquire City Zone Express for $50 million. With 260 vehicles & 80,000sqm of warehousing space, City Zone Express offers reliable cross-border logistics services across Malaysia, Singapore, Vietnam, Thailand, and China.

Asia’s economies are an attractive area for us to develop our road logistics services in line with our Roadmap 2026. With City Zone Express, we acquire a reputable regional player whose network and capabilities ideally complement our own: Hansjörg Rodi, Kuehne+Nagel

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