The third party logistics provider reported second quarter net profits increased, while combined revenues decreased.
Third party logistics provider Agility reported net profits of 13.5 million Kuwaiti Dinars ($44.7 million) in the second quarter of 2015, a year-over-year increase of 5 percent.
The company decreased combined revenues 4 percent to KD 328.4 million.
Agility’s Global Integrated Logistics (GIL) business unit reported revenues of KD 259 million, a year-over-year drop of 4 percent, which the company said was hindered by currency volatility. Adjusted at constant currency rates, GIL’s revenues saw a 1 percent year-over-year drop. The company attributed the slight decline to the performance of the general logistics market and the planned end of some large contracts.
Agility’s Infrastructure companies reported a revenue of KD 71.1 million for the second quarter, a year-over-year drop of 2 percent. Agility Real Estate, the largest contributor in the group, reported revenues were up 10 percent from last year’s second quarter.
“The external market environment will continue to be a challenge for the foreseeable future with economic growth slowing in some countries, but improving in others,” Agility Chief Executive Officer Tarek Sultan said. “While we cannot control these external factors, we will be strategic in our investment choices, focusing on countries, verticals, and products that have long-term potential. We will also continue to drive internal transformation efforts to operate more effectively and profitably, within individual businesses and as a company overall.”
Agility is headquartered in Kuwait with a revenue of more than $4.8 billion. The publicly traded company has over 20,000 employees worldwide in over 500 offices across 100 countries.
Agility reports 5% increase in net profits
