KUWAIT CITY: Agility, a leading global logistics provider, reported a net profit of KD59.1 million ($193.15 million) for 2016, an increase of 10.6 per cent over the same period in 2015. Revenue for the year stood at KD1.234 billion and EBITDA KD115.2 million, the company said. The earnings per share was 51.3 fils.
For the fourth quarter 2016, Agility reported a net profit of KD15.7 million with an earnings-per-share of 13.6 fils, an increase of 9.7 per cent over the same period in 2015. EBITDA for the quarter stood at KD31.4 million, an increase of 18.4 per cent over last year.
In view of growing optimism and ongoing progress to date with respect to Agility’s 2020 EBITDA target of $800 million, the board of directors is proposing a three-pronged distribution recommendation to the Annual General Assembly of the shareholders:
“Agility continues to steadily improve its financial performance, with Agility GIL closing the year with an EBITDA improvement of 17pc and Agility’s Infrastructure group showing an EBITDA improvement of 30.1pc. Agility generates healthy cash flows, and remains on track to reach its goal of $800 million in EBITDA by 2020,” said Tarek Sultan, Agility CEO.
“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 said.
