Agility reports a 61.3% decrease in net profit in H1
Agility reported first-half net profit of KWD 16.2 million (EUR 44.5 million), a decrease of 61.3% over the same period in 2019. Ebitda declined by 20.1% to KWD 75.8 million (EUR 208.6 million), and revenue declined 1.3% to KWD 765.1 million (EUR 2.105 billion).
Tarek Sultan, Agility Vice Chairman and CEO, said: “We entered 2020 with our business on sound footing, which is one reason that we were able to react quickly to the sweeping impact of the Covid-19 pandemic. We also took steps to bring operating expenses and other costs in line with the new environment.”
Sultan said the economic fallout from the pandemic has had an uneven effect on Agility businesses. “Our contract logistics business and logistics parks have weathered this reasonably well because demand for storage space has been steady or increased, especially as customers have looked to add to safety stock or support pandemic-driven increases in e-commerce sales. Other Agility businesses, such as aviation and airport operations have been directly impacted by the decline in air travel and traffic." (mw)