Agility Reports $50 Million Net Profit for Q3 2020
Smart Logistics

Agility Reports $50 Million Net Profit for Q3 2020

Revenues remain flat at $1.3 billion

TLME News Service

Kuwait-headquartered Agility has reported Q3 earnings of 26 cents per share on a net profit of $50 million, a decrease of 29.4% compared with the same period a year earlier.

EBITDA declined 1.9% to $152 million, and revenue was flat at $1.3 billion.

Nine-month earnings stood at 54 cents per share on net profit of $109 million, a decrease of 50.4% over the same period in 2019. EBITDA declined 14.1% to $400 million, and revenue declined 0.7% to $3.8 billion.

Tarek Sultan, Agility Vice Chairman and CEO, 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.

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"Agility remains committed to investing in technology that will transform our industry, expanding our digital logistics offerings, and bringing world-class warehousing infrastructure to fast-growing emerging markets.”

Tristar, a fully integrated liquid logistics company, posted a 15.9% revenue decline mainly due to commercial fuel sales. Maritime segment has shown a healthy growth due to the deployment of new vessels on long term contract.

Read More: Agility Abu Dhabi Invests in Double-Trailer Trucks

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