A tough year for KLN
2022 was a turbulent year for Kerry Logistics Network (KLN). Inflation, rising interest rates, overstocking, changes in consumers’ spending patterns and overcapacity all led to a sharp drop in global product demand and purchase orders in H2/2022, the company said.
Despite these challenges, the group recorded a revenue of HKS 86.6 billion (EUR 10.2 billion) and a core net profit of HKS 3.6 billion (EUR 0.423 billion) in 2022. Integrated logistics increased its segment profit by 28%
The e-commerce and express business, on the other hand, recorded a segment loss of HKD 826 million (EUR 97 million) compared to the profit of HKD 41 million (EUR 4.8 million) it achieved in 2021. The drastic decline is due primarily to Kerry Express Thailand, which faced an intense competition in 2022. International freight forwarding ended 2022 with a slight drop of 3% compared to 2021. (ben)