Kuwait's Agility posts near-30% jump in first quarter profit

CEO Tarek Sultan says logistics company is rapidly introducing new digital products as market transforms
Kuwait's Agility posts near-30% jump in first quarter profit
Tarek Sultan, Agility CEO and vice chairman.
By Sam Bridge
Tue 08 May 2018 02:13 PM

Agility, the Kuwait-based logistics provider, on Tuesday reported a first quarter net profit of KD18.9 million, up 29.8 percent over Q1 last year.

Revenue for the quarter reached KD371.8 million, an increase of 16 percent over the same period in 2017, the company said in a statement, adding that EBITDA was KD37.7 million, a rise of 22.6 percent.

Agility also said it enjoys a healthy balance sheet with KD1.8 billion in assets while its net debt position was KD83.5 million as of March 31.

Tarek Sultan, Agility CEO and vice chairman, said: “Agility is accelerating a fast-moving transformation to establish itself as a digital leader in the logistics industry.

“We are rapidly introducing new digital products, aggressively piloting and pioneering new logistics models and technologies, and re-engineering our systems for speed and competitive advantage. We want to identify technology that makes logistics more efficient and lowers costs for customers.”

“Agility continues to deliver results. Our double-digit EBITDA growth affirms the company’s momentum over the past three years," he added.

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