SWISS transport and logistics giant Kuehne + Nagel reported what it said were “solid” results in a “challenging market environment”.

Net turnover for the first six months of 2023 was CHF 12.7 billion ($21.6 billion), and EBIT was approximately CHF 1.1 billion ($1.9 billion) with earnings of CHF 860 million ($1.46 billion).

Kuehne + Nagel CEO Stefan Paul said the company coped well with the transition from the exceptional economic situation shaped by the pandemic.

“In a weakened economic environment, sea and contract logistics gained market share and kept earnings stable. In contrast, volumes in air logistics declined broadly in line with the market,” Mr Paul said.

“While our ongoing cost control efforts became more visible in the second quarter of 2023, our strategic path is unchanged with a focus on high-quality logistics services and an extraordinary customer orientation.”

Kuehne + Nagel chairman of the Board of Directors Dr Joerg Wolle said the company’s financial results for the first half of this year were “significantly” greater than the comparable figures of the pre-Covid period

“The Group has performed well in the new environment,” he said.

“Our focus remains on the provision of high-margin services and the development of market potential in Asia, Africa and the Middle East.”