Agility’s net profit grew by 10.6 per cent in 2016 compared to 2015 reaching KD 59.1 million ($193 million) as cost-cutting measure paid off.
The Kuwaiti logistics firm’s revenue was down 5.3 per cent to KD 1,234.0 million in 2016 and EBITDA was up 15.4 per cent to KD 115.2 million.
For the fourth quarter 2016, Agility reported a net profit of KD 15.7 million – an increase of 9.7 per cent over the same period in 2015. EBITDA for the quarter stood at KD 31.4 million, a rise of 18.4 per cent over last year and revenue was KD 321.9 – down 2.2 per cent.
Agility chief executive officer, Tarek Sultan says: “Agility continues to steadily improve its financial performance, with Agility GIL closing the year with an EBITDA improvement of 17 per cent and Agility’s Infrastructure group showing an EBITDA improvement of 30.1 per cent.
“Agility generates healthy cash flows, and remains on track to reach its goal of $800 million in EBITDA by 2020.
“To reach our target, we are focused on both continuously improving our underlying performance in GIL, while also investing for the future in our Infrastructure companies.
“Agility is growing its Infrastructure businesses: undertaking a number of major industrial real estate projects in the Middle East and Africa over the course of the next few years, expanding the shipping fleet of its Tristar business, and investing in the Reem mega-mall in Abu Dhabi.
“Agility’s balance sheet will move towards a net debt position as our Infrastructure companies fund their expansion plan.”
He says Agility starts 2017 with a strong position, adding: “We have our challenges, however we also see many opportunities on the horizon and are investing accordingly. We are making bets on the importance of using technology to better serve customers in GIL, as well as investing to grow our Infrastructure companies exponentially.
“We are making good progress towards our 2020 target, and want to thank our customers, employees, partners and shareholders for their ongoing support.”