Dubai: Kuwait-based logistics provider Agility reported an 18.7 per cent year-on-year increase in net profit in the second quarter to 20 million Kuwaiti dinars (Dh242 million).
The company’s second-quarter revenue increased by 12.3 per cent to 384.2 million dinars while its earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 13.6 per cent to 37.1 million dinars.
“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,” Tarek Sultan, Vice-Chairman and CEO of Agility, said in a statement.
For the first half, the company registered a year-on-year growth of 24 per cent in net profit to 38.9 million dinars while revenues grew 14.1 per cent to 756 million dinars.
The company saw a continued strong performance in air freight business in the second quarter, driven by solid volume growth of 14 per cent and stable yields compared to the same period of last year.
Its air freight net revenue grew 21.9 per cent in the second quarter and 20.3 per cent in the first half. Ocean freight had consistent volume growth but with lower yields. In the second quarter, container volume increased 8.2 per cent year on year while its ocean freight net revenue grew 7.4 per cent in the second quarter and 7.3 per cent in the first half.