The Kuehne+Nagel Group once again reported an excellent business performance in the third quarter of 2021. All business units were able to exceed their prior-year results, in some cases significantly. At CHF 21.8 billion, the Group's net turnover in the first nine months of 2021 was almost 50% higher than in the same period last year and EBIT more than doubled to over CHF 1.8 billion.

Kuehne+Nagel Group

CHF million

 9M 2021 9M 2020 Δ Q3 2021 Q3 2020 Δ
Net turnover 21,841 14,839 47% 8,568 5,031 70%
Gross profit 6,871 5,516 25% 2,544 1,866 36%
EBITDA 2,369 1,399 69% 971 600 62%
EBIT 1,825 790 131% 789 371 113%
Earnings for the period 1,342 575 133% 578 266 117%

Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, said: "In the current situation with supply chains that are difficult to plan, our Kuehne+Nagel experts areworking tirelessly to implement the best possible logistics solutions for our customers. We are on track and were again able to achieve an excellent business result in the third quarter. In the coming months, we do not expect any significant change in the constrained market situation."

Sea Logistics

CHF million 9M 2021 9M 2020 Δ Q3 2021 Q3 2020 Δ
Net turnover 9,146 5,163 77% 3,904 1,777 120%
Gross profit 1,889 1,051 80% 809 378 114%
EBIT 991 304 226% 487 137 256%

In the third quarter of 2021, the challenging market environment for Sea Logistics, with congested ports and supply chains out of sync, required a particularly high level of support and resultant lower logistics productivity. The business unit continued to focus on the transport of goods with complex requirements.

At 3.4 million TEU, container volumes in the first nine months of 2021 were slightly above the prior-year period. The unit's net turnover was CHF 9.1 billion and EBIT reached CHF 991 million. The conversion rate was at 52.5%.

Kuehne+Nagel Sea Logistics will handle the offshore logistics for Siemens Energy's prestigious Chilean "Haru Oni" project. This is the world's first commercial hydrogen production plant for synthetic fuels.

Air Logistics

CHF million 9M 2021 9M 2020 Δ Q3 2021 Q3 2020 Δ
Net turnover 6,578 3,703 78% 2,602 1,243 109%
Gross profit 1,567 957 64% 608 315 93%
EBIT 645 350 84% 239 169 41%

With strong volume growth, Air Logistics once again posted market share gains in the third quarter of 2021. Globally limited cargo capacities required tailor-made customer solutions. Services for pharma and essential goods as well as e-commerce continued to be in high demand.

Air freight volumes in the first nine months of 2021 were around 50% higher than in the same period of the previous year at 1.6 million tonnes, of which around 20% is attributable to the acquisition of the Chinese air freight forwarder Apex. Net turnover was CHF 6.6 billion and EBIT CHF 645 million. The conversion rate was at 41.2%.

QuickSTAT, the global network for time-critical pharmaceutical shipments, was expanded with a new control tower in Singapore.

Road Logistics

CHF million 9M 2021 9M 2020 Δ Q3 2021 Q3 2020 Δ
Net turnover 2,731 2,380 15% 922 796 16%
Gross profit 941 812 16% 311 274 14%
EBIT 75 38 97% 21 12 75%

Road Logistics was again able to significantly increase shipment volume in the third quarter of 2021. Network capacity utilisation was high in Europe in particular; demand also remained strong in North America. As a special service offering, demand was particularly strong for the digital solution for global customs clearance.

The unit's net turnover for the first nine months of 2021 was CHF 2.7 billion and EBIT almost doubled to CHF 75 million compared to the same period last year.

The digital booking platform for land freight, eTrucknow, again recorded strong growth. The service, which has so far been focused primarily on Asia, is currently being rolled out worldwide and is already available in over 20 countries.

Contract Logistics

CHF million 9M 2021 9M 2020 Δ Q3 2021 Q3 2020 Δ
Net turnover 3,386 3,593 -6% 1,140 1,215 -6%
Gross profit 2,474 2,696 -8% 816 899 -9%
EBIT 114 98 16% 42 53 -21%

In the third quarter of 2021, Contract Logistics reported very high capacity utilisation, particularly in North America. High order intake was once again recorded in the e-commerce fulfilment and pharma sectors.

Due to the divestment of UK activities at the beginning of the year, net turnover of CHF 3.4 billion in the first nine months of 2021 was below the prior-year period. EBIT improved to CHF 114 million.

In the third quarter 2021, Contract Logistics acquired further customers for the warehousing of vaccines. For this purpose, an existing temperature-controlled distribution centre in Belgium is currently being expanded to a total of 25,000 sqm.