Agility 2011 profit up 8pc to US$91.1 million on 5pc less revenue
2012 04 06
- Details
LOGISTICS provider Agility has posted an eight per cent increase in net profit to KWD27 million (US$91.1 million) in 2011 despite a five per cent revenue decline to KWD1.3 billion due to a discontinued US defence logistics role.
Fourth quarter profit was up 114 per cent to KWD3.5 million from a net loss of KWD23.7 million in the same quarter 2010, drawn on revenues of KWD345 million, up four per cent year on year.
"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 managing director.
"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," Mr Sultan added.
Agility performance in high-growth emerging markets was a major contributor to revenue, as reflected in the double-digit growth in the Asia Pacific region.
Its infrastructure companies contributed KWD111.3 million with revenue growing 18 per cent year on year supported by profitable niches in the market place, he said helped by the closing of two deals.
Said Mr Sultan: "We merged Agility Qatar operations with Gulf Warehousing Company (GWC) and realised gain of KWD8 million. We also formed a joint venture with France Telecom and converted our debt into equity in Korek. Today we have an indirect stake of 24 per cent in Korek and US$100 million debt yielding 12 per cent per annum".
Other growth areas included its National Aviation Services (NAS) with an aim to further enhance the potential of these airport ground handling services which have succeeded in developing countries.
Source Shipping Gazette - Daily Shipping News
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