Net profit up by 11 per cent
Kuwait-headquartered logistics firm Agility has posted a revenue of KD309m ($1.08bn) for the second quarter of 2016.
This marks a 6 per cent decline compared to the figure reported in the same period last year.
The companys net profit rose by 7 per cent from KD13.55m to KD15m for the same period.
Earnings-per-share stood at 13 fils and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at KD29m, a 12 per cent increase compared to the second quarter of 2015, the company said in a statement.
Agility maintains two business operations. Revenue from the larger division, Global Integrated Logistics, declined 10 per cent to reach KD233m. Agility attributed the drop in revenue mainly to the low shipping and fuel rates in the market.
Despite the decline in revenue, Agility CEO Tarek Sultan said the division managed to record volume growth in its core air and ocean markets.
Agilitys Infrastructure Group revenue increased 12 per cent to reach KD80m for the second quarter of 2016. This division focuses on bulk fuel storage and transport, industrial real estate, airport and ground handling services and commercial real estate and facilities management.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.