Logistics firm Agility's Q2 net profit down 9%

CARGO TO GO: Agility has completed a number of major acquisitions in recent months. (Getty Images)

Kuwaiti logistics firm Agility, which posted a 9-percent decline in second-quarter net profit, said on Saturday operating income in the three-month period fell almost 7 percent as the firm spent more on expansion.

Agility, the Gulf Arab region's biggest logistics provider by market value, said on Thursday second-quarter net profit declined to 35.1 million dinars ($130.8 million), but did not give a breakdown of the earnings.

Earnings per share of 33.80 dinars compared with 36.85 dinars a year earlier, Agility said in a statement on Saturday.

Operating profit in the quarter fell to 40.72 million dinars from 43.6 million dinars, Agility added, without giving details of costs.

The second-quarter performance was "in line" with Agility's expectations, group chief financial officer Ehab Aziz said in the statement.

"Our integration and optimisation plan, following a period of massive and exponential growth, is progressing very well," he said.

Second-quarter net revenues advanced 8.9 percent to 163.06 million dinars, said Agility, which is expanding into new markets to reduce its reliance on US Army deals.

Agility bought 71 percent of Denmark's CF GeoLogistics in the second quarter, raising its stake in the firm to 100 percent. It also completed acquisitions of Kenya-based Star Freight Logistics and France's Medgroup, it said. (Reuters)

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