Agility sees full-year 2011 profit up 8%

Agility, a leading global logistics provider, announced its full year financial results for 2011 with the Kuwait-based company posting an eight per cent rise in full year net profit for the year ending 31 December 2011 of KD 27 million (US$97.2 million). Revenue and operating profit for 2011 were KD 1.33 billion and KD 19 million, respectively.


Global Integrated Logistics


Agility, a leading global logistics provider, announced its full year financial results for 2011 with the Kuwait-based company posting an eight per cent rise in full year net profit for the year ending 31 December 2011 of KD 27 million (US$97.2 million). Revenue and operating profit for 2011 were KD 1.33 billion and KD 19 million, respectively.

The company said it remains focused on growing profit through continued financial discipline and transformation of its operating platform with the adaptation of new technology that will increase efficiency.

“Profits grew by eight per cent in 2011 even though revenues fell as Agility discontinued defense and government business. We are a different company today than we were a year ago, and we consider 2011 a new financial baseline against which we will measure future
performance,” said Tarek Sultan, Agility’s chairman and MD.
“In 2011 and continuing into 2012, we are heavily focused on strengthening our core commercial business. This includes redeploying resources: We sold the bulk of our vehicle fleet in the Middle East, freed up warehousing space for commercial customers, and converted working capital to cash.

Having undergone some heavy lifting in terms of restructuring over the last two years, the company anticipates solid gains in 2012 and beyond,” Sultan said. Revenue for Agility’s core Global Integrated Logistics (GIL) for the full year 2011 was KD 1.19 billion, a decrease of 1.4 per cent from FY 2010. Excluding government and discontinued business, GIL’s revenues grew by 3.2 per cent from the same period in 2010, despite softened trade volumes that prevailed in the last two quarters of the year.