The global logistics provider posted a net profit of 14.6 million Kuwati dinars (U.S. $47.9 million) on revenues of KD 320.5 million for the first quarter of 2017.
Global logistics provider Agility posted a net profit of 14.6 million Kuwaiti dinars (U.S. $47.9 million) for the first quarter of 2017, an increase of 11.1 percent year-over-year, the company said.
Revenues totaled KD 320.5 million for the quarter, up 7.3 percent from the same period in 2016.
“Our performance has been driven by strong growth in our Infrastructure companies in emerging markets and by the steady progress we have made in improving the underlying fundamentals of our commercial logistics business,” Agility Vice Chairman and CEO Tarek Sultan said.
Agility’s global integrated logistics (GIL) business had revenues of KD 240.3 million for the quarter, up 6.5 percent year-over-year.
GIL, the company’s core logistics business, provides air, ocean and road freight forwarding; warehousing; distribution; and specialized services in project logistics, chemical logistics, and fairs and events.
During the quarter, the company’s airfreight and ocean freight volumes grew 16 percent and 12.5 percent year-over-year, respectively, both outpacing the market average.
Over the course of 2017, new facilities are coming online in the Middle East and Singapore, and GIL is also investing in transforming its business through technology and further strengthening its online solutions for customers, Agility said.
Meanwhile, Agility’s infrastructure group, which offers logistics-related services in emerging markets, posted revenues of KD 81.8 million for the quarter, up 8.6 percent year-over-year, primarily due to Agility Real Estate and Tristar, a fully integrated logistics company serving the downstream oil and gas industry.
Agility Real Estate is the largest private owner of industrial real estate in the Middle East and Africa, and is establishing new facilities in the regions. Agility is developing over 900,000 square meters in Kuwait over the next three years.
Agility’s Q1 profits, revenues rise
