May 9 - Agility posted a net profit of KWD13.1 million (USD43.4 million) for the first quarter of 2016, which is an increase of 10.9 percent; and a revenue of KWD298.8 million (USD991.7 million) - a 6.1 percent decrease compared with the same period of 20
"Agility started the year on a good note," said Agility ceo Tarek Sultan. "Net profit improved 10.9 percent, despite challenging market conditions in the Eurozone, China and the Middle East."
"Our efforts to define a clearer strategy and improve execution are paying off in stronger customer relationships, an expanding emerging market footprint, a sharper focus, and a more disciplined management approach."
Agility Global Integrated Logistics (GIL) posted a revenue of KWD225.8 million (USD749.4 million) in the reporting period, which is a 0.6 percent year-on-year improvement.
"There were two major drivers for net revenue improvement in GIL this quarter. First, continued growth in contract logistics…Second, improved yields in the freight forwarding business," commented Sultan.
Sultan added that Agility's long-term target is to reach an EBITDA of USD800 million by 2020.
"We have a demanding road ahead to achieve this target, but have also defined a clear strategy and roadmap to meet this goal."