PR: Agility reports KD15.3m net profit for Q3 '20

PRESS RELEASE 

KUWAIT – November 8, 2020 – Agility, a leading global logistics provider, today reported Q3 earnings of 8 fils per share on a net profit of KD 15.3 million, a decrease of 29.4% compared with the same period a year earlier. EBITDA declined 1.9% to KD 46.5 million, and revenue was flat at KD 403 million.

[1 Kuwaiti Dinar equals 3.27 United States Dollar]

Nine-month earnings stood at 16.47 fils per share on net profit of KD 31.5 million, a decrease of 50.4% over the same period in 2019. EBITDA declined 14.1% to KD 122.4 million, and revenue declined 0.7% to KD 1,168 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 KD 18.5 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 KD 71.4 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 KD 305.7 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…

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