Agility earnings jump another 11% in Q3

The integrated third-party logistics provider grew net profits in third quarter 2016 despite revenues slipping 7 percent year-over-year to 312 million Kuwaiti dinars (U.S. $1.03 billion), according to the company’s most recent financial statements.

   Agility Logistics grew net profits 11 percent to 15.2 million Kuwaiti dinars (U.S. $50 million) in the third quarter of 2016, following a similar 11 percent gain in Q2 2016, according to the company’s most recent financial statements.
   The Kuwait-based integrated logistics provider reported third quarter earnings per share (EPS) of KD 13.19 for the quarter, compared with KD 11.91 per share in the same 2015 period, despite revenues slipping 7 percent year-over-year to KD 312 million.
   Agility’s Global Integrated Logistics (GIL) business saw revenues fall 8 percent from the third quarter of 2015 to KD 233 million. Continued growth in demand for contract logistics in emerging markets and strong air and ocean freight volumes were offset by a slowdown in the oil and gas market, according to Agility CEO Tarek Sultan.
   “GIL’s road map remains consistent,” said Sultan. “First, continue to drive commercial improvement through a tradelane management approach and focus on high growth markets and industries. Second, continue transforming the underlying business through ongoing technology, process and management improvements. Third, maintain financial discipline and a lean and agile structure that is in-line with business needs.”
   The company’s infrastructure group, which includes Agility Real Estate, among other businesses, posted a 3.1 percent year-over-year drop in revenues to KD 85.91 million.
   “The world around us will continue to pose challenges,” Sultan said of the results. “Trade forecasts are gloomy and geopolitical 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 maximize shareholder value even in the face of these challenges.”