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Kuwait’s Agility Q2 net profit rises 5.5%

Kuwait’s Agility Q2 net profit rises 5.5%

The firm said net profit in the three months to June 30 was KD 13.5m

Kuwait’s Agility, the largest Gulf Arab logistics company, reported a 5.5 per cent rise in second-quarter net profit on Thursday.

The firm, which has operations in more than 100 countries, said net profit in the three months to June 30 was KD 13.5m ($44.6m), compared to KD12.8m in the same period a year ago.

SICO Bahrain forecast the firm to make a quarterly profit of KD 13.6m.

Second-quarter revenue fell 3.9 per cent to KD 328.4m from 341.7m, as the company was hit by currency volatility.

“The global logistics market is a mixed bag in terms of growth, with continued sluggishness in China and Europe and ongoing pressure on rates,” Tarek Sultan, Agility’s chief executive said in the statement.

Agility shareholders in May approved the company’s plans to issue long-term bonds.

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