For Q2 2016, Agility reported revenues of KWD309m, down by 6% year-on-year. However, measures of profit such as net revenues and EBITDA increased, growing by 3% and 12% respectively.
In the Global Integrated Logistics (GIL) division, revenues fell by 10% to KWD233m, primarily due to lower freight rates. However, Agility asserted that it achieved “record volume growth in its core air and ocean markets”. Net revenues were flat at constant currencies while margins improved from 25% to 27%. Agility attributed this to growing demand in contract logistics, coupled with improved yields in the freight business and better commercial discipline.
In the Infrastructure division, revenues were up by 12% to KWD80m, which was apparently driven by “new projects and a commitment to improving efficiency and productivity.”
Tarek Sultan, Agility’s CEO, commented, “We started the year on a good note and are sustaining this momentum as the year progresses. Within our Global Integrated Logistics business, we are making gains even in the face of a challenging freight forwarding market because we have found ways to be more efficient, improve productivity, demonstrate financial discipline and make operations more responsive to the marketplace and customers’ needs.
He added, “Companies in the Agility Infrastructure group continue to grow as we tap into excellent opportunities in emerging markets and focus on improving efficiency across the board.”
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