However, Agility’s Q2 revenues slipped 6 percent year-over-year to 309 million Kuwaiti Dinars, as its Global Integrated Logistics business posted a 10 percent year-over-year drop in revenues from lower shipping and fuel rates in the market.
Agility reported net profits of 15 million Kuwaiti Dinars (U.S. $49.7 million) for the second quarter of 2016, an 11 percent increase from the second quarter of 2015.
The integrated logistics provider’s revenues for the quarter fell 6 percent year-over-year to KD 309 million.
Agility’s Global Integrated Logistics (GIL) business saw revenues fall 10 percent from the second quarter of 2015 to KD 233 million, primarily due to the low shipping and fuel rates in the market.
“’Subdued’ trade forecasts for the year, to quote the WTO, continue to impact the freight forwarding market,” Agility CEO Tarek Sultan said. “However, Agility GIL was able to record volume growth in its core air and ocean markets and is focusing on products and markets that are growing despite sluggish overall volumes.”
On the flip side, Agility’s Infrastructure group of companies posted a 12 percent year-over-year increase in revenues to KD 80 million. “Companies in the Agility Infrastructure group continue to grow as we tap into excellent opportunities in emerging markets and focus on improving efficiency across the board,” Sultan said.
“Although the external market environment continues to be a challenge, particularly to our commercial logistics business, we are continuing to improve our financial performance by growing our Infrastructure portfolio of companies and simultaneously driving transformation of our GIL business” Sultan said.
Agility’s profits rise 11% in Q2
