Agility grows profits 5% in 2015

The integrated logistics provider posted net profits of 53 million Kuwaiti Dinars (U.S. $176 million) in 2015 on revenues of 1.3 billion Kuwaiti Dinars, according to the company’s most recent financial statements.    Integrated logistics provider Agility posted net profits of 53 million Kuwaiti Dinars (U.S. $176 million) in 2015, a 5 percent increase from 2014, the company said.
   Revenues for the year dropped 4 percent from 2014 to KD 1.3 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) remained flat at KD 100 million.
   Agility’s Global Integrated Logistics business reported revenues of KD 997 million in 2015, a year-over-year drop of 6 percent. Agility attributed this decline to “challenging and volatile” market conditions, along with exposure to currency fluctuations. Adjusted for currency impact, revenues dipped 2 percent from 2014.
   Meanwhile, Agility’s Infrastructure companies experienced a 4 percent year-over-year increase in revenues in 2015 to KD 314 million.
   Agility Real Estate, which is part of the company’s Infrastructure group, saw revenues surge 9 percent compared with 2014. Agility has a strong real estate platform in Kuwait and is developing holdings in additional Gulf countries and Africa, the company said.
   In the fourth quarter alone, Agility posted net profits of KD 14 million, a 5 percent increase from the fourth quarter of 2014. Revenues for the quarter reached KD 322 million, while EBITDA totaled KD 27 million, year-over-year declines of 12 percent and 1 percent, respectively.
   “For 2016, we see a mixed picture clouded by slower growth in emerging markets, ongoing sluggishness in the Eurozone, geopolitical instability in various parts of the world and the continuation of low oil prices. Given those conditions, we know we have to stay focused and disciplined,” Agility CEO Tarek Sultan said. “But in the medium to longer term, we believe in our ability to grow our market share and footprint in emerging markets to serve growing consumer demand. I am confident in our strategy and our ability to meet our 2020 EBITDA target of U.S. $800 million.”
   Headquartered in Sulaibiya, Kuwait, Agility provides customers with supply chain solutions, logistics services and infrastructure management, with over 22,000 employees across 100 countries.