Kuwait's Agility reports drop in revenue

08 August 2016

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 company’s 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.

Agility’s 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.

In June, Agility said it was engaged in preliminary talks about potentially investing in construction firm Kharafi National.


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