A strong performance in airfreight helped Kuwait-based global logistics group Agility report second-quarter net profit of KD20m ($66m), an increase of 18.7% over the same period in 2017.
Agility EBITDA grew 13.6% to KD37.1m, while revenue increased 12.3% to KD384.2m.
First-half earnings of net profit of KD38.9 m were up 24%. First-half EBITDA was KD74.8m, an increase of 18%. Revenue for the first half was KD 756m, an increase of 14.1%.
Tarek Sultan, Agility vice chairman and chief executive, 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.”
Agility said that airfreight continued its "strong performance" in Q2, driven by "solid volume growth of 14% and stable yields compared to the same period of last year".
Airfreight net revenue grew 21.9% in Q2 and 20.3% in the first half. Ocean freight had consistent volume growth but with lower yields.
Regionally, airfreight and ccean freight performance was strongest in the Americas, Asia Pacific and Europe.
