Kuwait-based logistics major Agility has reported a 503.7 percent year-on-year increase in net profits to KD38.6 million ($128.2m) for the second quarter of 2020.
While, for the first six months of the year, the company announced profits of KD51.2m ($170.1m), up 215.9 percent over the same period last year.
According to a statement on Sunday, all of Agility’s largest businesses reported Q2 growth and profitability levels that were at or above pre-pandemic levels in 2019.
“We’re proud of how we’ve been able to respond and recover from the challenges of the Covid-19 pandemic,” said Tarek Sultan, Agility vice chairman and CEO.
Agility is currently putting the finishing touches to the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina A/S (DSV), in exchange for 19.3 million shares in DSV. Sultan said: “We see this transaction as a catalyst for Agility’s future growth. Agility will continue to grow its high-value business in emerging markets, and continue to invest in companies and technologies reshaping global supply chains.”
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