Chief Executive Officer of Kuehne + Nagel International Klaus Herms, told the company's annual general meeting (AGM) that the firm's integrated logistics business model was fostering its global growth.

The Swiss logistics giant recorded net earnings growth of 45.5 per cent in 2006 to a record CHF458 million (US$373.7 million), attributed to the rapid and successful integration of the ACR Group that was acquired in January 2006.

Profit from sea freight rose 41.4 per cent, while in airfreight earnings grew 19.1 per cent. In rail and road, profit was up 25.9 per cent over 2005. The 160.7 per cent EBITDA rise in contract logistics was mainly due to the ACR acquisition, as well as new business wins.

In his address, Klaus-Michael Kuehne, executive chairman of the group's board of directors, expressed his pleasure with the excellent turnover and earnings achieved in 2006, pointing to strong organic growth in sea and airfreight.

The operational result (EBITDA) in 2006 improved by 52.3 per cent to CHF855 million largely due to substantial volume and productivity increases, with acquisitions accounting for 26.8 per cent, organic growth 22.7 per cent, and currency effects 2.8 per cent.