Further air and ocean freight market share gains for Kuehne + Nagel
Will Waters | Friday, 20 July 2018
An exceptionally strong air freight performance helped Kuehne + Nagel to record strong volume growth and a significant increase in its EBIT operating earnings in the first six months of the year, as it maintained its EBIT-to-gross-profit ratio – or ‘conversion rate’ margins at a high level.
The global freight forwarding and logistics group’s air freight business continued its strong performance from the previous quarters, with tonnage increasing by 18.1% to 863,000 tonnes. The company’s industry-specific solutions made a particularly important contribution, said CEO Detlef Trefzger, who said: “It’s a remarkable performance in air freight, with strong volume growth in pharma, healthcare, aerospace and e-commerce”.
Compared to the previous year, air freight EBIT increased by 20.5% to CHF182 million. A further increase was also recorded in the conversion rate, which at 31% “is at a high level”, the company said.
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