Kuwait-based logistics and infrastructure firm Agility saw revenues and profits increase during the first quarter of the year despite a slowing growth environment. First-quarter revenues at the company increased by 1.9% year on year to KD378.8m ($1.2bn), while ebitda was up 22.8% to KD46.3m and net profits imporved by 7.3% to KD20.3m. Agility vice chairman and chief executive Tarek Sultan said: “Again a good start for Agility this year, though we are witnessing an environment where growth is slowing. We have seen good improvement across the board, and are accelerating our efforts to achieve our targets.”
However, Agility’s Global Integrated Logistics business saw revenues decreased by 1.1% on a year earlier as a result of currency fluctuations. Airfreight tonnage grew 5.2% in Q1 2019 as volumes “grew across multiple trade lanes and sales channels with very strong performance from strategic customers”. Ocean freight net revenue performance was driven primarily by yield improvement and volume of 2.3%. Q1 Contract Logistics performance was “strong”, with revenue growth of 3.6%. The Middle East/Africa region (mainly Kuwait, Dubai, Egypt) was the key driver of growth and improved margins.
“GIL’s digital strategy involves the development of systems and technology that will improve productivity, differentiate its products, and position it as the industry’s leading innovator,” the company said. “By accelerating its digital transformation, GIL will enhance customer and supplier connectivity, create innovative customer solutions, increase the efficiency of its business processes, and enable comprehensive business insight.”