Agility, a leading global logistics provider, announced its full year financial results for 2011 with the Kuwait-based company posting an eight per cent rise in full year net profit for the year ending 31 December 2011 of KD 27 million (US$97.2 million). Revenue and operating profit for 2011 were KD 1.33 billion and KD 19 million, respectively.
The company said it remains focused on growing profit through continued financial discipline and transformation of its operating platform with the adaptation of new technology that will increase efficiency.
“Profits grew by eight per cent in 2011 even though revenues fell as Agility discontinued defense and government business. We are a different company today than we were a year ago, and we consider 2011 a new financial baseline against which we will measure future
performance,” said Tarek Sultan, Agility’s chairman and MD.
“In 2011 and continuing into 2012, we are heavily focused on strengthening our core commercial business. This includes redeploying resources: We sold the bulk of our vehicle fleet in the Middle East, freed up warehousing space for commercial customers, and converted working capital to cash.
Having undergone some heavy lifting in terms of restructuring over the last two years, the company anticipates solid gains in 2012 and beyond,” Sultan said. Revenue for Agility’s core Global Integrated Logistics (GIL) for the full year 2011 was KD 1.19 billion, a decrease of 1.4 per cent from FY 2010. Excluding government and discontinued business, GIL’s revenues grew by 3.2 per cent from the same period in 2010, despite softened trade volumes that prevailed in the last two quarters of the year.
Agility’s position in high-growth emerging markets was a major
contributor to revenue, as reflected in the double-digit growth in the Asia Pacific region. This strength in the underlying business reflects GIL’s commitment to grow organically by focusing on key
trade lanes, adding new customers and expanding existing accounts, the group said.
“We have worked hard to engineer a sustainable, durable turnaround in our core commercial (GIL) business. The message for customers is that we’re growing, healthy and here to support you,” Sultan said. “Our focus in 2012 will continue to be growing business with existing and new customers by leveraging our global footprint and market-leading position in emerging markets. At the
same time, we intend to drive efficiencies in our operating platform.”
Looking forward Sultan said: “Although 2012 is likely to be another tough year for the global economy, we are committed to continuing to drive the company forward and expect to see real gains over our 2011 baseline.”
