The global transport and logistics group Kuehne+Nagel recorded a strong performance in 2021, with earnings soaring by 173% over the previous year, reaching US$2.4 billion.
During the same period, the net turnover of the Switzerland-headquartered group climbed 61% to US$35.6 billion, and its gross profit grew by 32% year-on-year, totalling US$10.76 billion.
Moreover, earnings before interest and taxes (EBIT) exceeded US$3.1 billion, which translates to a rise of 175% over 2020, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) also increased by 92%, to US$4 billion.
In addition, the conversion rate, which reflects EBIT as a percentage of the group’s gross profit, reached 30%, surpassing the target of 16% by 2022, according to a statement.
Meanwhile, the group’s free cash flow was US$2.34 billion in 2021, which reflects a year-on-year growth of 23%, according to Kuehne+Nagel’s data.
As for the groups’ operational results in the sea logistics sector, the container volumes reached 4.6 million TEU in 2021, representing a 2% increase compared to the previous year.
“In 2021, Kuehne+Nagel proved itself an important and reliable logistics partner in a challenging market environment,” commented Detlef Trefzger, CEO of Kuehne + Nagel International.
He also noted that thus far in the current year, the business outlook has been favourable. “However, Russia’s acts of war highlight the unpredictable nature of geopolitics, the effects of which on economic development cannot yet be assessed,” added Trefzger.
