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Agility quarterly profit up 17pc to US$58.8 million as revenue rises 19pc
KUWAIT based Agility's third quarter net profit increased 17.4 per cent to KWD17.8 million (US$58.8 million) year on year, drawn on revenues of KWD273 million, up 19.4 percent.
"Agility's global logistics business has shown double-digit growth in air and ocean tonnage, and contract logistics revenue growth," Agility vice chairman and CEO Tarek Sultan said.
That segment posted a 16.1 per cent year-on-year boost in air tonnage, while ocean TEU shipments rose 12 per cent. However, Mr Sultan noted that capacity constraints and higher freight forwarding rates continue to impact profitability.
Meanwhile, Agility's infrastructure companies recorded revenues of KWD91 million for the quarter, an increase of four per cent from the same 2016 period.
"Agility's infrastructure portfolio of companies continue to drive performance, and we are heavily investing in further growing their footprint in emerging markets across the Middle East, Asia and Africa," Mr Sultan said.
"Agility's global logistics business has shown double-digit growth in air and ocean tonnage, and contract logistics revenue growth," Agility vice chairman and CEO Tarek Sultan said.
That segment posted a 16.1 per cent year-on-year boost in air tonnage, while ocean TEU shipments rose 12 per cent. However, Mr Sultan noted that capacity constraints and higher freight forwarding rates continue to impact profitability.
Meanwhile, Agility's infrastructure companies recorded revenues of KWD91 million for the quarter, an increase of four per cent from the same 2016 period.
"Agility's infrastructure portfolio of companies continue to drive performance, and we are heavily investing in further growing their footprint in emerging markets across the Middle East, Asia and Africa," Mr Sultan said.
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