Kuehne & Nagel profits soar on back of booming export sector
The resilience of Ireland's exporting economy is revealed in the latest results for one of Ireland's largest freight, shipping and logistics companies, Kuehne & Nagel.
The company, which is based at Dublin Airport, has grown sales by 25pc in one year, the latest figures show, with the Irish operation chipping in a €6m dividend to its Swiss parent, one of the largest logistics firms in the world.
The Irish operation, which provides a range of services to Irish companies and multinationals, produced a pre-tax profit of €4.1m, up from €2.9m in the previous year. Sales rose to €110m, from €86.3m, with the vast majority of the revenues coming via local Irish operations. The results cover 2010.
Revenues from Ireland went from €69m to €89m, with the company employing 175 people in the Irish operation.
Kuehne & Nagel Ireland operates at eight locations across the country, offering national and international clients a range of services.
The global company employs over 50,000 people and trades heavily in its use of IT in freight forwarding and shipping.
Exports have been identified as the key driver of the Irish economy over the next few years as domestic demand contracts even further.
Ireland has one of the largest export sectors (as a percentage of GDP) in Europe, with much of this driven by chemicals, IT and pharmaceuticals.
This week the IT industry was cheered by reports that Aer Lingus may reinstate flights to the US west coast to tap developing trade links between Ireland and Silicone Valley.