KUWAIT's global logistics provider Agility posted a 24 per cent year-on-year first half net profit increase to KWD38.9 million (US$128.3 million), drawn on revenues of KWD756 million. up 14.1 per cent,
Second quarter net profit increased 18.7 per cent year on year to KWD20 million, reported London's Air Cargo News.
'Our second quarter results were in line with expectations and consistent with the previous growth trend the company has been seeing,' said Agility vice chairman and CEO Tarek Sultan.
'Agility's Infrastructure companies performed well, as did our logistics business, which witnessed another quarter of volume and revenue growth despite margin pressure,' he said.
Agility said that air freight continued its 'strong performance' in Q2, driven by 'solid volume growth of 14 per cent and stable yields compared to the same period of last year'.
Air freight net revenue grew 21.9 per cent in Q2 and 20.3 per cent in the first half. Ocean freight had consistent volume growth but with lower yields.
Regionally, air freight and ocean freight performance was strongest in the Americas, Asia Pacific and Europe, said the company statement.