Agility revenue up 16%, profit even
Kuwait-based logistics company Agility on Tuesday reported profit of $526 million in 2008, compared to $531 million in 2007, while revenue rose 16 percent to $6.8 billion.
“Even though we began to feel the impact of the global economic crisis in our commercial business in the fourth quarter of 2008 as world trade volumes slowed, Agility was able to achieve strong profits which helped enhance our balance sheet position,” said Tarek Sultan, chairman and managing director of Agility, in a statement.
Sultan said Agility’s board of directors recommended no dividends be paid to shareholders so that the company has cash flow to invest in opportunities presented by the down economy.
“Agility believes that the ongoing financial crisis has created unique opportunities for forging new partnerships and acquiring assets on the basis of attractive and previously unobtainable business terms,' he said.
The company said it had cash reserves of $919 million and debts of $581 million at the end of 2008, while its asset base grew 6 percent to $6 billion.
Agility’s global integrated logistics division, which accounted for 59 percent of the company’s revenue, saw revenue grow at a slightly higher rate — 17 percent — than the company overall. It’s other major division, defense and government services, had revenue growth of 13 percent.
Agility revenue up 16%, profit even
