Logistics specialist Agility has reported a 20% increase in net profits for the second quarter of 2018 that reached approximately $66m.
Attributing the solid performance to its logistics business, the net revenue for the quarter also reached an estimated $409m, equating to a 5% increase from the same period a year before.
The company’s integrated logistics division reported a 5% increase in net revenues to reach $220m, a result of strong growth in freight forwarding and contract logistics.
Air freight continued to be a strong business for Agility, which it reported solid volume growth of 14% and stable yields over the same period last year. The division’s air freight activities reported net revenue growth of 21.9% in the second quarter, as well as 20.3% growth in the first half of the year.
“Our second quarter results were in line with expectations and consistent with the previous growth trend the company has been seeing,” said Tarek Sultan, Agility’s vice-chairman and chief executive.
“Agility’s Infrastructure companies performed well, as did our logistics business, which witnessed another quarter of volume and revenue growth despite margin pressure.”
Aiming to reach a target of $800m in earnings by 2020, Agility has over the past few years pursued an aggressive expansion strategy.
Actively present in Kuwait and Dubai, the company has made a number of recent investments into neighbouring GCC countries, as well as a push into the African market. In the case of the latter, Agility’s real estate division is focusing on key developments in Ghana, Nigeria and Cote d’Ivoire.