Agility air cargo beats market, but net revenue falls 24.9%
Agility's air freight tonnage grew 14.7% in the second quarter.
The air cargo performance contributed to a 9.6% increase in revenue for Agility Global Integrated Logistics (GIL), the company's core logistics business, in the quarter, to KWD255.2 million (USD 843.8 million).
The company said, Ocean container volume grew 12.9%, again above the market average. Contract logistics revenue also grew, particularly in the Middle East and Asia Pacific, due to a combination of new and existing warehousing facilities.
Revenue in the quarter was flat compared to the same period a year ago. Net revenue margins contracted 24.9% year on year.
"Revenue in our logistics business is growing because air and ocean volumes are increasing and contract logistics revenue is expanding, but rate pressure continues to affect profitability.” Said Agility vice-chairman and CEO Tare Sultan.
Tag Keyword: Air Freight , Global Integrated Logistics , Container Volume , Revenue