Shareholder profit for the year reached more than $2.89b.
Kerry Logistics Network Limited increased its revenue by 30% to $53.36b in 2020, according to its annual report for the year.
Core operating profit increased by 20% to$3.32b against $2.76b in 2019 whilst core net profit increased by 33% to $1.82b against $1.37b in 2019.
The company’s Integrated Logistics (IL) business recorded a segment profit of $2.58b which represents an increase of 6% compared to $2.43b in 2019. The group said the growth in profit in the IL segment was affected by the reduced profit contributed by a lesser number of warehouses in Hong Kong compared with 2019.
Meanwhile, Kerry Logistics Network’s International Freight Forwarding (IFF) business recorded a 64% increase in segment profit to $1.01b compared to $622m in 2019.
Profit attributable to the shareholders for 2020 was $2.89b. Excluding the gain from disposal of two warehouses in Hong Kong in 2019, it represents a year-on-year growth of 58%.
“In 2020, thanks to the collective efforts of our colleagues and business partners, KLN Group achieved record growth in both revenue and core net profit, clearly demonstrating the Group's resilience and capability to evolve through the pandemic," said William Ma, group managing director of KLN Group.
Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and a strong coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding, industrial project logistics, to cross-border e-commerce, last-mile fulfilment and infrastructure investment.
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