Kuehne+Nagel sees air revenues and profits soar in Q3

Kuehne+Nagel (K+N) saw revenues and profits generated by its air cargo division increase rapidly in the third quarter of the year thanks to growing demand from cloud infrastructure and semiconductor customers.

The freight forwarder saw air revenues for the quarter increase by 38% year on year to Sfr2.4bn, while air earnings before interest and tax (ebit) were up 84% to Sfr169m and gross profit improved by 29% to Sfr404m.

Air volumes, meanwhile, increased by 10% year on year to 619,000 tons, which the company said “significantly” exceeded overall market growth. This was also an acceleration on the 2% increase recorded in the second quarter.

The result means K+N’s air volumes outstripped those of rival DSV, which handled 560,890 tonnes in the third quarter as its volumes fell by 3% year on year.

This story was originally published by Air Cargo News. Read the full story at Air Cargo News →