Agility logistics has announced that net profit fell by 29% to KD15.3 (£37.7m) in its third quarter of trading, down from KD21.7 (£53.5m) reported last year.
Net revenue for Q3 also saw a decline of 9.7% to KD120.4m (£297m) down from KD133.3m (£328.7m) for the same period in 2019.
Global integrated logistics showed EBITDA at KD18.5m (£45.6m), a 35.2% increase from the same period in 2019, however. The company said the improvement was primarily driven by significant cost reductions across the business.
The firm also reported an increase of 39.1% in air freight NR for Q3 which Agility said was driven by continued demand for exceptional shipments related to the life sciences vertical.
Ocean Freight NR declined 14.5% when compared with Q3 2019, as a result of volume and yield compression and production disruption arising from Covid-19 as well as capacity constraints.
Contract logistics continues to experience net revenue growths of 12.7%, mainly in the MEA Region (Kuwait, Saudi Arabia, UAE), where there was a reported strong performance at the new facilities, along with increased efficiencies.
Tarek Sultan, vice chairman and CEO of Agility, 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.”
He added: “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.”