Agility increases net profit, air freight volumes in Q3

Kuwait-based international logistics company Agility released its third-quarter results, which show a 12.3 percent increase in net profit, year-over-year, to US$65.7 million, and an increase in earnings before interest, taxes, depreciation and amortization (EBITDA) of 14.8 percent to US$128.8 million.

Airfreight tonnage increased 11.4 percent, which the company said was driven by tonnage and yield growth, although it did not provide actual volume figures.

“The company’s investments in technology and emerging markets infrastructure are paying off with better productivity, a growing customer base, and a diversified service and geographical offering,” said Tarek Sultan, Agility’s CEO and vice chairman.

In April, Agility launched a new digital platform called Shipa Freight, which provides instant quotes and booking to customers for shipments from countries that represent 95 percent of global trade.

The company has said that it has been investing in infrastructure in Africa in 2018, specifically with a development project in Ghana, along with plans to build in nearby Nigeria and Cote d’Ivoire, and on the east coast in Mozambique.

During Q2, it completed the first phase of development of its new Riyadh-based warehousing facility, to be completed sometime next year.