News / K+N profits tumble as market 'normalises', but eyes expansion in Asia

Photo: Kuehne + Nagel

Kuehne + Nagel today reported a group-wide 40% decline in revenues and a similar drop in Ebitda for full-year 2023 in what it termed a “normalisation” of the market.

Group turnover for 2023 was CHF23.8bn ($26.9bn) , with a Ebit of CHF1.9bn, leading to a net profit of just under CHF1.5bn.

Sea freight revenues in 2023 were half that of the previous year, while air freight volumes dropped 60%. However, its road transport and contact logistics divisions saw relatively stable income.

“Kuehne + ...