November 10 - Agility has posted a net profit of KWD15.17 million (USD49.9 million) for the third quarter of 2016, representing an 11 percent increase compared to the third quarter of 2015.
EBITDA for the reporting period stood at KWD28.9 million (USD95.2 million) - a 19 percent year-on-year increase, while revenues dropped by 7 percent to KWD312 million (USD1.02 billion) during the third quarter.
Agility ceo Tarek Sultan attributed the company's continuous increase in profitability to "steady progress in turning around [its] global integrated logistics (GIL) business" as well as growth in its infrastructure business unit.
"We continue to make gains in the face of a challenging business context: from sluggish economic and trade growth in key regions to political uncertainty in others," he added.
Revenue for Agility's GIL business declined by 8 percent year-on-year to KWD228.65 million (USD753 million).
"The main impact to net revenue shortfall remains in the general slowdown in our project logistics business as a result of the slowdown in the oil and gas market," said Sultan.
He concluded: "The world uncertainty prevails in key geographies for our business. While we cannot control the external environment, we can make strategic choices in order to continue to grow our business and maximise shareholder value even in the face of these challenges."