Airfreight volumes at Agility were down significantly in the third quarter of 2019 but higher yields partially made up for the fall.
The division’s volumes fell 15.8% due to trade concerns and lower demand from customers across industries and geographies.
Yields in net revenue/ton increased 15.5%, meaning airfreight net revenue only decreased by 2.8%.
Gross revenue for the Global Integrated Logistics sector declined 2.4% to 285 million Kuwaiti dinars ($938 million) and net revenue increased 4% to KD67.3 million.
The sector is implementing its digital strategy to enhance customer and supplier connectivity, create innovative complex customer solutions, increase efficiency and enable comprehensive business insight.
For the whole company, net profits increased 8.4% to KD21.7 million and revenue was up 1.6% to KD400.7 million.
Tarek Sultan, vice chairman and CEO of Agility says: “Our Infrastructure portfolio of companies drove our results in the third quarter, with all major entities seeing growth. Our Global Integrated Logistics (GIL) business, on the other hand, was affected by challenging market conditions and trade-war headwinds that have affected the industry as a whole. Even so, GIL is moving forward aggressively with its digitisation agenda to improve operational efficiency and drive a better customer experience.”
