Sunday, June 16, 2024
Agility profits grow 30 per cent in the first quarter

Agility profits grow 30 per cent in the first quarter

Agility had a strong first quarter with double digit revenue growth at net profits increasing 29.8 per cent to 18.9 million Kuwaiti Dinars (KD) ($62.4 million).

Revenue was up 16 per cent to KD 371.8 million with strong growth in all areas including airfreight.

Airfreight revenue increased 22.1 per cent driven by strong volume growth, with tonnage rising 4.8 per cent, having performed well in Asia Pacific, Europe and the Americas.

Agility chief executive officer and vice chairman, Tarek Sultan says: “Agility continues to deliver results. Our double-digit EBITDA growth affirms the company’s momentum over the past three years.

“GIL continues to drive profitability gains through strong performance in Ocean and Air Freight, in addition to improving its efficiency. Companies in the Infrastructure group posted healthy gains and are delivering consistent with their road map.”

Agility has introduced new products including Shipa Freight, Sultan explains: “We recently launched Shipa Freight, an online freight service aimed at a market with massive potential: the small and medium-size companies that account for most of the world’s businesses.

“Shipa Freight lets them get rate quotes and book, pay and track, ocean and air shipments around the world, all online in a matter of seconds.”

Looking into the future, Sultan says Agility will improve digital services, saying: “We are rapidly introducing new digital products, aggressively piloting and pioneering new logistics models and technologies, and re-engineering our systems for speed and competitive advantage. We want to identify technology that makes logistics more efficient and lowers costs for customers.”

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