KUWAIT CITY: March 29, 2016. Agility has reported a net profit of KD53 million on revenue of KD1.3 billion for 2015 – a five percent increase despite a four percent drop in revenue year-on-year. EBITDA remained the same at KD100 million.
Agility CEO Tarek Sultan said the company had made good progress in 2015 "but still has a demanding road ahead to make it the leading company we all desire".
Last year Agility generated KD105 million cash from operations, a 68 percent improvement over 2014. The longer-term target is to reach an EBITDA of US$800 million by 2020 said Sultan: "Our efforts to define a clearer strategy and improve execution are paying off in stronger customer relationships, an expanding emerging market footprint, a sharper focus, and a more disciplined management approach," he declared.
Agility has two lines of business: global integrated logistics and infrastructure. Last year infrastructure revenue rose four percent to KD314 million as its real estate business grew 9.0 percent year-on-year.
"Agility has made significant investments in the Infrastructure companies over the last two years in order to ensure the foundation for future growth. We continue to believe in the long-term opportunities that the infrastructure companies have to tap into niche segments in emerging markets," said Sultan
Agility will open soon its first logistics and distribution park in Accra, Ghana while its National Aviation Services company has secured a contract to provide services in Abidjan, Ivory Coast.
"For 2016, we see a mixed picture clouded by slower growth in emerging markets, ongoing sluggishness in the Eurozone, geopolitical instability in various parts of the world, and the continuation of low oil prices. Given those conditions, we know we have to stay focused and disciplined," Sultan added.