KUEHNE+Nagel saw its net profits increase by 30% over 2022, with all its business groups contributing to the result, according to its financial results for the year, released on Wednesday (1 March).

Kuehne+Nagel International CEO Stefan Paul said the year was exceptional for the company.

“[It was] a year of great financial success, but also with challenges for us and our customers. Thanks to our dedicated employees, we were able to provide our customers around the world with high-quality logistics services,” he said.

The company’s net profit was CHF 2.8 billion ($4.41 billion) for the year on the back of a 20% increase in turnover (to CHF 39.4 billion [$62 billion]) and an EBIT of CHF 3.8 billion ($6 billion), an increase of 28%.

However, the company said, due to the overall economic slowdown, the result in the fourth quarter of 2022 was weaker compared to the rest of the year.

“From today’s perspective, the macroeconomic environment will remain challenging in 2023 due to geopolitical developments and inflation,” the company said in its results presentation.

“However, we expect the positive growth and earnings trend that has continued for many years to continue this year, albeit excluding the exceptional business volumes and results in financial years 2021 and 2022, which were the result of a corona-related special economic situation. “

The company’s sea logistics segment saw a net turnover of CHF 18.8 billion ($29.6 billion), an increase of 37% on the previous year. Its container volume for the year was 4.4 million TEU, and it said the margin per container was at a “historically high level in 2022”.