Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

INDUSTRIAL NEWS

Agility Q3 net profit down 29% to $50m

Nov 9, 2020 1:21 PM

Agility a leading global logistics provider has posted a net profit of KD15.3 million ( 50 million) for the third quarter (Q3) of the year a decrease of 29.4% compared with the same period a year earlier....

Agility, a leading global logistics provider, has posted a net profit of KD15.3 million ($50 million) for the third quarter (Q3) of the year, a decrease of 29.4% compared with the same period a year earlier.

EBITDA declined 1.9% to KD46.5 million, and revenue was flat at KD403 million.

Nine-month earnings stood at 16.47 fils per share on net profit of KD31.5million, a decrease of 50.4% over the same period in 2019. EBITDA declined 14.1% to KD122.4 million, and revenue declined 0.7% to KD1,168 million.

Tarek Sultan, Agility Vice Chairman and CEO, said: “While we – like many businesses – are still feeling the impact of COVID-19 we are also seeing recovery across most of our business lines, albeit with each business recovering at a different pace.

“Agility benefited from early and decisive measures taken to contain costs and preserve cash, and is well poised to navigate what is likely to continue to be a volatile market for some time. Agility remains committed to investing in technology that will transform our industry, expanding our digital logistics offerings, and bringing world-class warehousing infrastructure to fast-growing emerging markets.”

Agility Global Integrated Logistics (GIL)

Global Integrated Logistics Q3 EBITDA was KD18.5 million, a 35.2% increase from the same period in 2019. The improvement was primarily driven by significant cost reductions across the business.

GIL’s Q3 net revenue was KD71.4 million, 5.1% higher than the same period in 2019.  Along with net revenue increases in Air Freight and Contract Logistics, there were net revenue declines in Ocean Freight, Fairs & Events and Project Logistics. GIL gross revenue was KD305.7 million, a 7.3% increase from same period in 2019.

The Q3 Air Freight NR increase of 39.1% was driven by continued demand for exceptional shipments related to the Life Sciences vertical. Ocean Freight NR declined 14.5% when compared with Q3 2019, as a result of volume and yield compression. Air Freight and Ocean Freight volumes decreased in Q3 vs. same period in 2019, as a result of customers’ demand and production disruption arising from COVID-19 as well as capacity constraints.

Contract Logistics continues to experience strong growth (12.7% net revenue growth), mainly in the MEA Region (Kuwait, Saudi Arabia, UAE), where there was strong performance at new facilities, along with increased efficiencies. Fairs & Events (F&E) has been hurt significantly by Coronavirus-related event postponements and cancellations.

Starting in Q1, GIL introduced a range of cost reduction measures intended to ensure continued strength of EBITDA performance in anticipation of falling global trade volumes. This positions GIL well for operating in the current environment. GIL continues to focus on operational productivity as well as customer solutions to respond to the changing market environment. – TradeArabia News Service

INDUSTRIAL NEWS

Saab announces Double Eagle sale to Kuwait Dec 11, 2023 14:48 PM

Saab a leading defence and secuirty company has received a contract...

Agility Q3 net profit soars 123pc to $91m Nov 15, 2023 11:42 AM

Agility a long-term investor and operator in supply chain services...

China’s slowdown will ‘impact trade with GCC countries’ Oct 8, 2023 10:56 AM

China s economic slowdown will impact global and GCC economies by...

Markaz Exits South Venlo Industrial Property Sep 11, 2023 13:57 PM

Kuwait Financial Centre Markaz has sold an industrial property in...

GCC-listed firms aggregate Q2 net falls 6.2pc to $57.9bn: Kamco Aug 30, 2023 11:44 AM

GCC-listed firms aggregate net profits fell 6.2% to 57.9 billion...

Equate Group revenues decline to $1.52bn in first half Aug 30, 2023 11:06 AM

Equate Group a global producer of petrochemicals and the world s...