March 29 - Agility recorded a net profit of KWD53 million (USD175 million) in the 2015 financial year, a 5 percent increase compared with 2014.
Revenue for the year was KWD1.3 billion (USD4.3 billion), while EBITDA stood at KWD100 million (USD331 million).
Agility ceo Tarek Sultan said that the company made "good progress" in 2015 but still had a "demanding road ahead". He noted that Agility improved its cash flow in spite of challenging economic times, adding that the company's longer term target is to reach an EBITDA of USD800 million by 2020.
Agility's Global Integrated Logistics (GIL) business segment recorded revenues of KWD997 million (USD3.3 billion) - a 6 percent year-on-year decline, which Agility attributed to "challenging and volatile market conditions" and "exposure to currency fluctuations".
The logistics provider recorded a better performance within its freight forwarding business, particularly in ocean freight volumes and improved yields. However, Agility noted that airfreight volumes softened towards the end of the year.
"For 2016, we see a mixed picture clouded by slower growth in emerging markets, ongoing sluggishness in the Eurozone, geopolitical instability in various parts of the world, and the continuation of low oil prices," said Sultan.
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