Kuwait's Agility posts 50% profit rise in Q2
By: Daniel Shane
Kuwait logistics giant Agility reported a 50 percent annual rise in net profit to KD11.5m ($40.25m) in the second quarter of 2013.
Revenues rose by 2 percent to KD355.2m as the company expanded business in its core Global Integrated Logistics unit.
"Agility remains on a healthy growth trajectory in spite of renewed uncertainty about the health of the global economy," said Tarek Sultan, chairman and managing director.
"Our core commercial logistics business continues to drive improvements in productivity and efficiency that have enabled it to weather slowing trade volume and weakness in key regions. At the same time, our Infrastructure group of companies is generating solid growth," Sultan added.
Revenues in Agility’s infrastructure group were up 9 percent as the division contributed KD59.1m to the firm overall. Its real estate business, which is administered underneath the infrastructure unit, reported 14 percent growth.
Agility has won a number of significant contracts this year, including a $190m deal to provide supplies to a UN mission in Darfur and a $9.7m warehousing agreement in Egypt.