Integrated logistics services provider agility has revealed its financial results for the first quarter of 2016, highlights including a net profit of KD13.1m ($43.5 million) – an increase of 10.9% over the first quarter of 2015.
However, revenue fell to KD298.8m ($991.25m), a 6.1% decrease over the same three months of last year.
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Agility started the year on a good note. Net profit improved 10.9%, despite challenging market conditions in the Eurozone, China and the Middle East,” observed Agility CEO Tarek 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 added.
Improved yields in the freight forwarding business were partly responsible for increased revenue and improved margins at Agility’s Global Integrated Logistics (GIL) division.
“We continue to improve our financial performance by focusing on growing our Infrastructure portfolio of companies and simultaneously driving transformation of our core commercial logistics (GIL) business,” Sultan said.
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