Agility posts growth in Q1 revenue, airfreight tonnage
Kuwait-based Agility’s airfreight business grew across several trade lanes and sales channels in the first three months of 2019, resulting in a tonnage growth of 5.2% in the first quarter.
As a whole, Agility posted a net profit of $66.8 million, 7.3% higher than in the first quarter of 2018. Earnings before interest taxes, depreciation and amortization (EBITDA) grew by 22.8%, year-over-year, to US$152.3 million.
In the Q1 report, Agility’s Global Integrated Logistics (GIL) division saw its net revenue for the first quarter of 2019 grow 1.2%, y-o-y, to US$215.1 million, driven mainly by contract logistics and ocean freight. Contract logistics also registered a revenue growth of 3.6%, thanks to strong performances in Kuwait, Dubai and Egypt. On a constant-currency basis, GIL’s net revenue was up 5.1%.
According to Tarek Sultan, vice chairman and CEO of Agility, GIL will continue to invest in digital transformation to ensure long-term success. This involves developing systems and technology to improve productivity and product differentiation. GIL also aims to enhance customer and supplier connectivity, create customer solutions, increase the efficiency of its business processes and enable comprehensive business insight.
In December 2018, Agility said it would invest US$100 million over three years to launch Shipa.com, a digital logistics platform which helps businesses, entrepreneurs and consumers manage their shipments online.
“We have a clear and consistent strategy that is translating into year-on-year improvements,” he said. “We are also off to a good start in 2019. Agility is going to substantially invest in business transformation to drive operational excellence for the future.”
