Kerry Logistics Network Limited has announced its 2024 annual results, highlighting double-digit growth in revenue and core net profit, along with a strategic global rebranding initiative.
Financial Highlights
Revenue surged 23% to HK$58.27 billion (2023: HK$47.41 billion).
Core operating profit increased 23% to HK$2.73 billion (2023: HK$2.21 billion).
Core net profit grew 12% to HK$1.36 billion (2023: HK$1.21 billion).
Profit attributable to shareholders nearly doubled, rising 95% to HK$1.54 billion (2023: HK$791 million).
Final dividend of 15 HK cents per share, payable on June 10, 2025.
KLN’s International Freight Forwarding (IFF) division was the primary driver of growth, offsetting a slight decline in Integrated Logistics (IL).
The IL segment’s profit dipped 3% to HK$1.25 billion, largely due to shifting domestic consumption trends in Hong Kong (-12%) and Mainland China (-11%). However, growth in India, Singapore, and Vietnam led to a 25% increase in IL profits across the rest of Asia.
International Freight Forwarding (IFF): A Key Growth Driver
The IFF business surged 39% to HK$1.95 billion, benefiting from:
Increased demand in China, the US, Hong Kong, and Asia.
Higher ocean freight rates amid a market supply shortage.
A strong position in the Asia-US trade lane as a leading NVOCC.
Industrial project logistics contributing over HK$1.7 billion in revenue.
A joint venture with S.F. Holding, which exceeded expectations with over HK$200 million in revenue in its first year of operations at Ezhou Airport.
KLN is undergoing a global rebrand, phasing out the ‘Kerry Logistics Network’ name by June 30, 2025.
This move aims to strengthen its corporate identity and better position the Group for future expansion.
Vic Cheung, KLN CEO stated: “Our 2024 results showcase KLN’s resilience and agility in a challenging global economy.
“As we enter a new phase under the KLN brand, we will capitalize on evolving supply chain dynamics, particularly in Southeast and South Asia, to drive sustained growth.”
With a diversified global network, expanding logistics capabilities, and a bold rebranding strategy, KLN is poised for continued success in 2025 and beyond.