Global logistics provider Agility on Monday reported net profit of US$138 million (KD 41.6 million) for 2020, down 52.1 percent from 2019. In its 2020 financial report, the company recognised the performance of its integrated logistics (GIL) unit, which took much of the slack as other business units saw dismal results. Full-year net revenue for GIL inched up 3.8 percent versus 2019 to US$940 million (KD283.7 million), primarily driven by air freight and contract logistics which saw revenue … [Read more...] about Air freight, contract logistics drive 2020 revenue for Agility
Tarek Sultan
Agility posts solid 3Q results despite revenue decline
Agility has announced its financial results for the third quarter of 2016, reporting a net profit of KD15.17 million (US$50 million), an increase of 11 per cent compared to the third quarter of 2015, despite revenues being down 7.0 per cent over the same period to KD312 million. EBITDA stood at KD28.90 million, a 19 per cent increase compared to the same period in 2015. Tarek Sultan, CEO of Agility, said: “We have now been seeing continuous underlying increase in the profitability of the … [Read more...] about Agility posts solid 3Q results despite revenue decline
Agility reports $43 million net profit in Q1
Agility today announced its financial results for the first quarter of 2016, reporting a net profit of KD13.1 million (US$43.45 million), an increase of 10.9 per cent compared with the first quarter of 2015. Revenue for the first quarter stood at KD 298.8 million, 6.1 per cent decrease versus the same period last year. “Agility started the year on a good note. Net profit improved 10.9 per cent, despite challenging market conditions in the Eurozone, China and the Middle East,” said Tarek … [Read more...] about Agility reports $43 million net profit in Q1
“Mixed bag” growth for Agility
Agility announced its financial results for the second quarter of 2015, reporting a net profit of KWD13.5 million (US$44.6 million), an increase of five per cent compared to the second quarter of 2014. EBITDA stands at KWD 25.5 million, a one per cent increase compared to Q2 of 2014. “The global logistics market is a mixed bag in terms of growth, with continued sluggishness in China and Europe; and ongoing pressure on rates,” said Tarek Sultan, Agility’s CEO. "In this environment, we are … [Read more...] about “Mixed bag” growth for Agility
Agility welcomes WTO approval of TFA
Agility has issued the following statement signed by its CEO Tarek Sultan in response to the recent approval by the World Trade Organization (WTO) of the trade facilitation agreement (TFA) measures that would add US$1 trillion to the global economy through new rules on customs and cross-border trade. "Today's WTO agreement offers real hope for small businesses, farmers, job seekers and others in rich and poor countries alike. Though there's no magic in the WTO package, the measures included … [Read more...] about Agility welcomes WTO approval of TFA
Agility eyes 35% stake in Kuwait Airways
Agility announced its interest in buying a 35 per cent stake in loss-making state carrier Kuwait Airways, Arab News reported. Agility's CEO Tarek Sultan told Reuters that this investment plan is based on the company's strategy of expanding into aviation services. Previously, the Kuwaiti Parliament said it has approved a plan to privatize the flag-carrier by selling a 35 per cent stake to an investment company, but since then the plan has been delayed several times. "We don't know the … [Read more...] about Agility eyes 35% stake in Kuwait Airways
