Strong airfreight performance helped drive a 10% increase in third-quarter revenues at Kuwait-headquartered logistics firm Agility.
The company saw total revenues for the period reach KD394.4m ($1.3bn), while earnings before interest, tax depreciation and amortisation (ebitda) was up 14.8% year on year to KD39.2m and net profits reached KD20m, up 12.3% on last year.
Its Agility Global Integrated Logistics (GIL) business saw revenues for the period reach KD292.2m, up 7% on last year driven mainly by airfreight, which saw its revenues increase by 15.6%.
“Strong airfreight performance was driven by increases in both tonnage and yield growth,” the company said. “In third quarter 2018, air tonnage increased 11.4% vs. third quarter 2017. Airfreight grew across multiple trade lanes and customer segments.”
“Our third-quarter results build on the momentum Agility has achieved throughout 2018,” said
“We have seen double-digit ebitda growth in our logistics business and across our portfolio of subsidiary companies.
“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.
“The company continues to track towards its goal of $800m ebitda by 2020 and its objective of becoming the digital leader in the logistics industry.”
Source: Air Cargo News