Kuwait's Agility posts net profit rise despite 'challenging conditions'
Kuwait-based logistics major Agility on Thursday reported third-quarter net profit of KD21.7 million, an increase of 8.4 percent over the same period in 2018, despite "challenging market conditions".
The company also posted a 1.6 percent increase in revenue for Q3 to KD400.7 million.
Year to date, net profit was up nearly 8 percent to KD63.6 million while revenue rose 2.2 percent to KD1.2 billion, Agility said in a statement.
Tarek Sultan, Agility vice chairman and CEO, said: “Our infrastructure portfolio of companies drove our results in the third quarter, with all major entities seeing growth.
"Our global integrated logistics business, on the other hand, was affected by challenging market conditions and trade-war headwinds that have affected the industry as a whole,” he said.
“Even so, GIL is moving forward aggressively with its digitization agenda to improve operational efficiency and drive a better customer experience.”
Sultan added: “We continue to invest in technology-driven change and seek to be the digital leaders in our industry... We are also accelerating in-house development, acquisitions, and partnerships to grow our digital logistics platform, Shipa. We believe this is the key to differentiating Agility and positioning us for future growth.”
Q3 air freight volumes fell 15.8 percent (in tonnage) as a result of trade concerns and lower demand from customers across industries and geographies, partially offset by higher yields, the company said.