Agility, the Kuwait-based logistics provider, on Monday announced an overall profit of KD20 million ($66 million) in the second quarter of 2018, a rise of 18.7 percent in the same period previous year.
Agility stated in a statement that its second quarter revenue increased from 12.3 percent to KD384.2 million while posting a balance sheet with KD1.7 billion in assets.
First-half net profit overall KD38.9 million, up 24 percent on revenue of KD756 million, rise of 14.1 percent.
Agility vice chairman and CEO, Tarek Sultan mentioned, “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 told that air freight proceeded its strong performance in second quarter, driven by solid volume expansion of 14 percent and stable yields compared to the same period of previous year. Air freight overall revenue rose 21.9 percent in second quarter and 20.3 percent in the first half of the year.
Agility stated that ocean freight had consistent volume expansion but with lower yields.
Regionally, ocean freight and air freight performance was strongest in the Asia Pacific, Americas and Europe.
Follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, to get all the latest transport news from the UAE and Gulf countries, which is updated daily.
more recommended stories
Saudi bonds to join JPMorgan index in $119bn Gulf addition
Saudi Arabia and four other Gulf.
UK Brexit turmoil could spook Gulf investors
As UK Prime Minister Theresa May.
Why UK should still appeal to Gulf investors despite Brexit doubts
The UK’s real estate market should.
Regency brand is reintroduced by Hyatt to Kuwait
Hyatt Hotels Corporation has declared the.