Kuehne and Nagel (K&N) has released its financial results for 2020, with total earnings falling "only slightly" despite the challenges faced throughout the year.
The logistics group said it "achieved a remarkably good result in an environment marked by crisis". Operational profit was above the previous year, while total reported net earnings of the year decreased compared with 2019.
Earnings for the year dropped 1.4 per cent to CHF789m, while EBITDA actually rose 5 per cent to CHF1.92bn.
Net turnover of CHF20.4bn for the full year 2020 was 3.4 per cent below the 2019 figure due to lower volumes in the first half, K&N said.
"Last year we proved what makes Kuehne and Nagel successful: within a very short period of time, we adapted to the volatile market environment," said CEO Dr Detlef Trefzger. "We won new business and at the same time were able to position ourselves as a reliable and responsible partner for our customers and suppliers."
"We were able to close the year 2020 with a record operating result – this shows the strength and resilience of our company," noted Dr Joerg Wolle, chairman of the board of directors. "Kuehne and Nagel stands for entrepreneurial vision, dynamism and a highly motivated team who is fully committed to serving our customers and business partners.
"With the successful completion of the restructuring of contract logistics, we are now ideally equipped for continued positive development," he added. "In view of Asia being the world's fastest growing economic region, the announcement of the acquisition of Apex Logistics in February 2021 is a significant milestone. The board of directors looks forward to the year 2021 with confidence."