Agility’s airfreight yields boost Q1 performance

Improving airfreight yields have helped push logistics firm Agility to a 5 percent year-on-year improvement in profits during the first quarter of the year.
During the first quarter, the Kuwait Stock Exchange-listed company recorded a 1 percent improvement in revenues on last year to KD318.1m ($1.06bn), while net profit increased by 5 percent to KD11.8m.
Its Global Integrated Logistics division saw margins for the first quarter improve to 24 percent from 23 percent during the same period last year.
The improvement was driven by “continued growth in contract logistics in emerging markets, coupled with improved yields in the airfreight business”.
Agility chief executive Tarek Sultan said: “Although the global economy continues to be in stop and start mode, we are cautiously optimistic about our start to this year.
“We started out on a good note, driving margin expansion in GIL and revenue growth in our Infrastructure portfolio.
“GIL will continue to sharpen its strategic focus in terms of customers, markets, and products, as well as build capacity in its business through operational transformation and a commitment to strong execution.”
The company’s full-year 2014 results also benefited from improved airfreight yields.