Kerry Logistics Network 2021 revenue up 52%
Profit attributable to shareholders was HK$7.9 billion ($1.02 billion), a YoY increase of 174 percent.
Hong Kong-based Kerry Logistics Network Limited reported a 52 percent increase in revenue (including revenue generated from discontinued operations) to HK$81.7 billion ($10.6 billion).
While core operating profit increased 88 percent to HK$6.3 billion ($819 million), core net profit more than doubled to HK$3.7 billion ($481 million).
Profit attributable to shareholders was HK$7.9 billion ($1.02 billion), a year-on-year increase of 174 percent.
Integrated logistics (IL) business recorded a segment profit of HK$1.9 billion ($247 million), a drop of 29 percent "partly due to the disposal of the group's Hong Kong warehouse and Taiwan businesses during the year."
International freight forwarding (IFF) business recorded a segment profit of HK$4.9 billion ($637 million), an increase of 389 percent.
"In 2021, supply and demand mismatch, logistics bottlenecks, congested ports, labour shortage and pandemic-related lockdowns and measures continued to cause endless disruptions in the global supply chain," says William MA, Group Managing Director, Kerry Logistics Network. "Thanks to the unwavering support from our colleagues and partners, we managed to deliver efficient and consistent services to our customers in the face of complex and relentless challenges."
The segment profit of the IL business did not grow in line with other segments, mainly due to a weak Asian market brought about by a series of prolonged lockdowns and other pandemic measures across Southeast Asia, severely disrupting both manufacturing and consumption related activities.
In the mainland of China, the group's IL business increased 33 percent, mainly from the increase of manufacturing activities as purchase orders shifted back to the mainland from many Asian countries.
The segment profit of the Group's IFF business expanded to almost HK$5 billion ($650 million) and across all verticals and industries of the business.
"KLN Group's strategic partnership with S.F. Holding will give it an unparallelled advantage as Asia's largest 3PL provider to tackle the uncertain market challenges ahead. The two parties are already collaborating in the mainland of China to serve S.F. Holding's clients' overseas business needs. By 2022 Q2, KLN Group will serve as the exclusive cargo General Sales Agent (GSA) for S.F. Airlines as well as the principal service provider outside the mainland of China for S.F. Holding's international express business, firmly establishing KLN Group's position as S.F. Holding's international arm."