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Mon 29 Apr 2013 10:13 PM

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Kuwait's Agility says Q1 net profit up 46%

Net profit was $35.5 million for the three months to the end of March

Kuwait's Agility says Q1 net profit up 46%

Kuwait's Agility Public Warehousing reported a 46 percent increase in net profit for the first quarter on Monday thanks to a rise in revenues driven by its logistics and infrastructure divisions.

Net profit was 10.1 million Kuwaiti dinars ($35.5 million) for the three months to the end of March compared with 6.9 million in the same period a year ago, the company said in a statement.

It previously reported net profit of 7.1 million dinars for the first quarter of 2012 and did not give a reason for the discrepancy.

Group revenue in the quarter rose 10 percent to 352.6 million dinars.

Agility, the biggest logistics company in the Gulf Arab region, signed an $80 million contract in Iraq in March.

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