Agility sees quarterly profit rise 15pc to US$141.6 million

Time:2009-11-16 Browse:17 Author:RISINGSUN

AGILITY has announced that third quarter profit rose 15 per cent year on year to KWD40.5 million (US$141.6 million) drawn on an 11 per cent increase in gross revenue of KWD413.5 million.
But net revenue only increased 0.42 per cent to KWD156.3 million compared with the same period last year.

Third quarter operating profits rose by five per cent to KWD43 million, over the same period a year earlier.
Agility`s net debt position was KWD39 million. Cash from operations stood at KWD188.5 million, showing a growth of 28.7 per cent compared to the previous period, a company statement said.
Commenting on the results, Agility chairman and managing director Tarek Sultan said dividing Agility into three independent business groups, Global Integrated Logistics, Infrastructure, and Defence and Government Services, "has seen more focus and clearer financial accountabilities within each."
Agility Global Integrated Logistics (GIL) reported third quarter revenues of KWD218.5 million, a decline of 21 per cent compared to the third quarter of 2008. Net revenue stands at KWD79.6 million, up 0.75 per cent year on year. GIL`s third quarter net revenue margin stood at 36 per cent compared to a margin of 28 per cent in the corresponding prior year period.
Net income for the first nine months was KWD115.5 million, an increase of seven per cent year on year. Gross revenue decreased by 10 per cent to KWD1.2 billion. However, net revenue in the January to September period rose by one per cent to KWD467 million compared with the same period last year.