Freight Forwarders

Net profit rise of 29.8% in Q1 for Agility

Agility has reported a first quarter (Q1) 2018 net profit of KD 18.9 million ($63 million) – which was a 29.8 per cent increase on Q1 last year.

The freight forwarder and logistics company’s total revenue for Q1 reached KD 371.8 million, up 16 per cent on Q1 2017, net revenue was KD 124.6 million, up 12.5 per cent and EBITDA was KD 37.7 million, up 22.6 per cent.

In Q1 2018, global integrated logistics (GIL) gross revenue grew 15.7 per cent to KD 278.1 million and air freight revenue increased 22.1 per cent, driven by strong volume growth of 4.8 per cent in tonnage.

GIL’s Q1 net revenue rose 7.9 per cent from the same period in 2017, primarily due to growth in freight forwarding and contract logistics. Air freight net revenue grew by 18.7 per cent due to improving yields and the sector performed well in Asia Pacific, Europe and the Americas.

Agility chief executive officer and vice chairman, Tarek Sultan said: “Agility continues to deliver results. Our double-digit EBITDA growth affirms the company’s momentum over the past three years.

“GIL continues to drive profitability gains through strong performance in Ocean and Air Freight, in addition to improving its efficiency. Companies in the Infrastructure group posted healthy gains and are delivering consistent with their road map.”

Sultan added Agility is accelerating a “fast-moving transformation” as it aims to establish itself as a “digital leader” in the logistics industry.

“We are rapidly introducing new digital products, aggressively piloting and pioneering new logistics models and technologies, and re-engineering our systems for speed and competitive advantage,” he said. “We want to identify technology that makes logistics more efficient and lowers costs for customers.”