KUWAIT CITY - April 2, 2012 - Agility (AGLTY), a leading global logistics provider, today announced its fourth quarter and full year financial results for 2011.

For the fourth quarter, the company reported a net profit of KD 3.5 million and earnings per share of 3.45 fils, an increase of 114% for both from same period in 2010. Fourth quarter revenue fell by 5%, from KD 368.6 million to KD 352 million, largely because of the loss of government contracting business. On a like-for-like basis, excluding government and discontinued business, Agility group revenue grew from KD 332 million to KD 345 million, an improvement of 4% despite a slowing economy.

The company 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.  

For the full year ending December 31, 2011, net profit was KD 27 million, vs. KD 25 million in 2010, an increase of 8%. Revenue and operating profit for 2011 were KD 1.33 billion and KD 19 million, respectively. The Board of Directors met and proposed a dividend distribution of 30% (30 fils per share) for the year ending 2011.  

“Profits grew by 8% 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 Managing Director.

“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.

Read full press release with financial highlights


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