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Agility's 2016 net profits surge 10pc to US$193m despite dip in revenue
MAJOR global logistics provider, Agility recorded a net profit of KWD59.1 million (US $193.2 million) for 2016, a 10.6 per cent increase from 2015, according to the company's latest financial statements.
However, Agility's revenues slipped 5.3 per cent year over year to KWD 1.23 billion, reported American Shipper.
CEO Tarek Sultan said the group continued to steadily improve its financial performance, and was generating "healthy" cash flows, keeping it on track for its target of $800 million EBITDA by 2020.
"To reach our target, we are focused on both continuously improving our underlying performance in Global Integrated Logistics, while also investing for the future in our infrastructure companies," said Mr Sultan.
"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," Mr Sultan said.
However, Agility's revenues slipped 5.3 per cent year over year to KWD 1.23 billion, reported American Shipper.
CEO Tarek Sultan said the group continued to steadily improve its financial performance, and was generating "healthy" cash flows, keeping it on track for its target of $800 million EBITDA by 2020.
"To reach our target, we are focused on both continuously improving our underlying performance in Global Integrated Logistics, while also investing for the future in our infrastructure companies," said Mr Sultan.
"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," Mr Sultan said.
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