Nimble Agility outstrips the market
11 / 05 / 2017
Kuwait-based logistics firm Agility reported profits up 11.4% to KD14.6 million in the first quarter of 2017, an increase of 11.4% over the same period in 2016.
EBITDA earnings were KD30.8 million, up 17.4% increase, while revenue was up 7.3% to KD320.5 million.
Growth came from infrastructure companies in emerging markets and steady progress in improving the underlying fundamentals of the commercial logistics business,” said vice chairman and chief executive, Tarek Sultan. He said Agility remained on track to achieve its target of $800 million in EBITDA by 2020.
Revenue for Agility Global Integrated Logistics (GIL), the company’s core logistics business, grew 6.5% in the quarter to KD 240.3 million, with air freight volume up 16% and ocean freight volume 12.5%, both outpacing the market average.
Sultan said: “We believe our strategic focus on trade lanes, solutions and sales excellence will lead to continued growth in freight forwarding volumes this year.”
Another bright spot was National Aviation Services (NAS), now one of the largest ground handling and airport services companies in emerging markets and with a leading position in Africa, Its revenue growth in the quarter was driven by its Cote D’Ivoire operations, which saw double-digit increases in flights. NAS is also launching operations in Morocco.
