Kuwait’s Agility Global Integrated Logistics reported -4 percent loss in revenue for the second quarter of 2015 compared to 2014, of KD 328 million, or US$1.1 billion. The company said the loss was due to currency volatility.
Net revenue was up 3 percent, however, from $331 million in Q2 2014 to $344 million this year. For the entire first half of the year, revenue was down -1 percent y-o-y from $2.2 billion in 2014 to $2.1 billion in 2015. The company reported a net profit of $44.6 million in Q2 this year, which is an increase of 5 percent compared to Q2 2014. EBITDA stands at $84 million, a 1 percent increase compared to Q2 2014.
“The global logistics market is a mixed bag in terms of growth, with continued sluggishness in China and Europe and ongoing pressure on rates,” said Tarek Sultan, CEO of Agility. “In this environment, we are pleased to report that Agility continues to post steady growth in profitability.”
Agility is a publicly traded company with more than $4.8 billion in revenue, and more than 20,000 employees in over 500 offices across 100 countries.
“The external market environment will continue to be a challenge for the foreseeable future, with economic growth slowing in some countries, but improving in others,” Sultan added.