uwait-based Agility, a leading global logistics provider, has posted a net profit of KD21.6 million ($70.8 million) for the second quarter (Q2) of the year, an increase of 8.1 per cent over the same period in 2018.

Q2 EBITDA grew 31.2 per cent to KD48.6 million, and revenue increased 3.2 per cent to KD396.3 million.

First-half earnings of25.18fils per share and net profit of KD41.9 million were up 7.7 per cent. First-half EBITDA was KD95 million, an increase of 27 per cent. Revenue for the first half was KD775 million, an increase of 2.5 per cent.

Tarek Sultan, Agility vice chairman and CEO, said: “We had a good Q2 despite the tough environment we operate in. GIL reported very good results and continues to implement its strategy to drive operational efficiency. Agility’s Infrastructure companies performed well, and key initiatives in each business unit are moving ahead according to plan.”

Agility Global Integrated Logistics (GIL) achieved EBITDA growth of 7 per cent (excluding IFRS 16 impact) despite higher operating expenses related to new facilities and higher staff costs for operations and commercial requirements. GIL’s Q2 reported EBITDA was KD15.9 million, or KD10 million excluding IFRS 16 vs KD9.3 million in Q2 2018.

GIL Q2gross revenue fell 2.6 per cent to KD281.9 million, mainly due to currency fluctuations. On a constant-currency basis, GIL revenue grew 1 per cent.Net revenue increased 4 per cent to KD69.4  million, mainly as a result of better Ocean Freight and Contract Logistics performance. 

The global air freight market continued to be under pressure. GIL Air Freight net revenue decreased 1.8 per cent as the result of lower job volume and tonnage, although the decrease was offset in part by higher yields. Q2 2019 tonnage fell 8 per cent vs. Q2 2018. The decrease was the result of weak market conditions and lower demand across industries and geographies, along with a return to more normal volumes following a spike in high-volume shipments a year earlier.