Agility profits up, while cargo continues falling

GLOBAL forwarder Agility’s net profits climbed to KD12.9m (US$45.55m) in the second quarter of this year, an increase of 12 per cent on the same period last year, writes Thelma Etim, deputy editor.
For the first half of 2014, the Kuwait-based company achieved a net profit of KD24.1 million ($85m) –up 11 per cent on the first six months of 2013.
Challenging market conditions affected its core freight forwarding business, with revenue for its Global Integrated Logistics (GIL) dropping seven per cent to KD270.7m ($955.7m) in Q2.
But GIL’s net revenue margins expanded to 24 per cent in Q2 2014 from 21 per cent in Q2 2013, “as a result of good performance in contract logistics, as well as good procurement efforts in airfreight business,” says a company statement.
“Agility continues to improve its financial performance, increasing profitability by 12 per cent in the second quarter despite ongoing sluggishness in the global economy and in demand for logistics services,” explains Tarek Sultan, Agility’s chief executive.
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