Logistics provider Agility says investments in technology and emerging markets infrastructure are paying off
Agility, a Kuwait-based global logistics provider, has reported third-quarter net profit of KD 20 million, an increase of 12.3 percent over the same period in 2017.
Revenue increased 10 percent to KD394.4 million, the company said in a statement, adding that for the first nine months of the year, net profit increased 19.7 percent to KD58.9 million. Revenue for this period was KD1.15 billion, an increase of 12.7 percent.
“Our third-quarter results build on the momentum Agility has achieved throughout 2018,” said Tarek Sultan, Agility vice chairman and CEO.
“The company’s investments in technology and emerging markets infrastructure are paying off with better productivity, a growing customer base, and a diversified service and geographical offering.”
Agility Global Integrated Logistics (GIL) reported net revenue growth of 5.1 percent, reaching KD 64.8 million, driven mainly by air freight and contract logistics while ocean freight growth was primarily driven by Americas and the Middle East.
In June, Agility said it is set to establish a logistics centre in East Port Said, one of the most important strategic sites on the Mediterranean Sea, as part of an agreement with the Suez Canal Authority.
Under the agreement, Agility will develop a hub with international standard logistics infrastructure to enhance the importing and warehousing of raw materials, as well as the export and distribution of intermediate and final goods through the Suez Canal Ports, it said.