Air freight continued its strong performance at Kuehne + Nagel as tonnage grew 18.1 per cent to 863,000 tonnes in the first half of this year.
The Switzerland-headquartered freight forwarder said industry-specific solutions made a “particularly important contribution in the sector”. Compared to the previous year, air freight EBIT increased by 20.5 per cent to CHF 182 million ($182 million).
Overall, Kuehne + Nagel’s gross profits went up 12.7 per cent in the first half of 2018 to CHF 3,806 million (2017: CHF 3,377 million).
Net turnover was also up 14.2 per cent to CHF 10,066 million (2017: CHF 8,815 million), while EBIT was up 10.8 per cent to CHF 501 million (2017: 452 million) and earnings for the period was up 9.6 per cent to CHF 390 million (2017: CHF 452).
The forwarder said there was considerable volume growth across all business units, but warned of uncertainty caused by discussions on new trade agreements, Brexit and rising fuel costs.
Kuehne + Nagel chief executive officer, Detlef Trefzger said: “Kuehne + Nagel remains en route for success in the first half of 2018. We achieved strong volume growth across all business units.
“This growth combined with active cost management delivered a significant improvement in results confirming the consistency of the implementation of our business strategy.
“Our high level of industry-specific competence and our digital solutions are key factors here. We monitor the volatile markets and geopolitical developments very closely. Despite this market environment we are confident and ambitious as we enter the second half of the year.”
Kuehne + Nagel chairman of the board, Jörg Wolle added the forwarder had established a “solid basis for the second half of the year” and it is confident the positive development of the company will continue.