Agility's business in recovery
Kuwait-headquartered logistics provider Agility has reported its figures for January to September 2020. During these nine months, revenues moved sideways, by 0.7% less to KWD 1.2 billion (3.93 USD), but net profit shrank by 50.4% to KWD 31.5 million (USD 103.1 million) compared to the same period in 2019.
In Q3/2020 in particular, the group witnessed a net profit of KWD 15.3 million (USD 50 million), a decrease of 29.4% compared to Q3/2019. Revenues were flat at KWD 403 million (USD 1.32 billion).
Agility Global Integrated Logistics (GIL)'s Q3 ebidta was KWD 18.5 million (USD 60.54 million), a 35.2% increase from the same period in 2019.
The improvement was primarily driven by significant cost reductions across the business. Along with net revenue increases in air freight and contract logistics, there were net revenue declines in ocean freight, fairs & events and project logistics.
Contract logistics continues to experience strong growth (12.7% net revenue growth), mainly in the MEA region (Kuwait, Saudi Arabia, UAE), where there was strong performance at new facilities.
Tarek Sultan, Agility vice chairman and CEO: “While we – like many businesses – are still feeling the impact of Covid-19 we are also seeing recovery across most of our business lines, albeit with each business recovering at a different pace." (sh)