Business, Forwarding, Freight News, Logistics

Virus hits Agility earnings

[ November 9, 2020   //   Chris ]

Agility reported third quarter earnings of 8 fils per share on a net profit of KD 15.3 ,  29.4% compared with the same period a year earlier. EBITDA declined 1.9% to KD 46.5 million, and revenue was flat at KD 403 million.

Nine-month earnings stood at 16.47 fils per share on net profit of KD 31.5 million, a decrease of 50.4% over the same period in 2019. EBITDA declined 14.1% to KD 122.4 million, and revenue declined 0.7% to KD 1,168 million.

Vice-chairman and chief executive, Tarek Sultan, said: “While we – like many businesses – are still feeling the impact of COVID-19 we are also seeing recovery across most of our business lines, albeit with each business recovering at a different pace. Agility benefited from early and decisive measures taken to contain costs and preserve cash, and is well poised to navigate what is likely to continue to be a volatile market for some time.”