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Carl Collen

BY CARL COLLEN

Monday 26th April 2021, 16:21 Hong Kong

K&N sees strong demand in 2021

Logistics company enjoys marked improvement in year-on-year first quarter results

K&N sees strong demand in 2021

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Kuehne and Nagel (K&N) has reported on improved first-quarter (Q1) results across the board, driven by strong demand in transport services.

Net turnover climbed 22.8 per cent when compared with the opening quarter of 2020, up to CHF6bn. EBIT jumped 134.2 per cent to CHF431m, while earnings for the period climbed 128.8 per cent to CHF318m.

"Exactly one year ago, when we were still at the beginning of the pandemic, we decided to commit to our proven strategy," said Detlef Trefzger, CEO of K&N. "Upon reflection, we are assured that we chose the correct path: in the first quarter of 2021, we were well-prepared to serve our customers' robust demand for high quality logistics services despite the tense market environment.

"We expect this environment to remain challenging for the remainder of another atypical year," Trefzger added.

The group's sea logistics segment saw net turnover increase 38.8 per cent to CHF2.39bn, with container volumes up 2.2 per cent to 1.1m TEU.

Air logistics, meanwhile, saw a return to trade volume growth in the first quarter of 2021, the first time in more than two years.

Volumes developed positively, reaching 433,000 tonnes (up 16 per cent year-on-year). Net turnover improved to CHF1.7bn, jumping 51.2 per cent.

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