Kuene + Nagel hits CHF1 billion profit

Despite the uncertainties around the coronavirus and the weak growth of the global economy, 3PL providers Kuehne + Nagel has said it is ‘continuing to see success’.

The global 3PL reported a 1.5% growth in turnover to CHF21.09bn (£16.8bn) and operating profit grew by 7.5% to CHF 1.06 billion (£850 million), the first time the company has broken the CHF 1 billion mark.

Chief executive Dr. Detlef Trefzger, said: “In a changing market, we continued to see our strategy yield success. In seafreight and overland, our focus on customer service, cost-effectiveness, operational systems, and digitalisation has once again paid off. We managed to keep results stable in the more volatile airfreight business.”

In January K+N said it would be targeting organic and inorganic growth for its activities in Asia. Chairman of the board Dr. Joerg Wolle said that “setting aside the unknown scope of the coronavirus” it was “looking ahead with confidence to the 2020 business year and beyond” and in the future it would be focusing particularly on growth in Asia.