Kuwait's Agility posts 18% rise in Q2 net profit to $66m

Logistics provider Agility says it witnessed another quarter of volume and revenue growth despite margin pressure
Tarek Sultan, Agility vice chairman and CEO.
By Sam Bridge
Mon 06 Aug 2018 07:43 PM

Agility, the Kuwait-based logistics provider, on Monday reported a net profit of KD20 million ($66 million) in the second quarter of 2018, an increase of 18.7 percent over the same period last year.

Agility said in a statement that its Q2 revenue rose 12.3 percent to KD384.2 million while posting a balance sheet with KD1.7 billion in assets.

First-half net profit totalled KD38.9 million, up 24 percent on revenue of KD756 million, an increase of 14.1 percent.

Tarek Sultan, Agility vice chairman and CEO, said: “Our second quarter results were in line with expectations and consistent with the previous growth trend the company has been seeing. Agility’s infrastructure companies performed well, as did our logistics business, which witnessed another quarter of volume and revenue growth despite margin pressure.”

The company said air freight continued its strong performance in Q2, driven by solid volume growth of 14 percent and stable yields compared to the same period of last year. Air freight net revenue grew 21.9 percent in Q2 and 20.3 percent in the first half of the year.

Ocean freight had consistent volume growth but with lower yields, Agility added.

Regionally, air freight and ocean freight performance was strongest in the Americas, Asia Pacific and Europe.

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Last Updated: Mon 06 Aug 2018 07:47 PM GST

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