Kuwait’s Agility Reports 46% Rise In Q1 Net Profit

The company posted a net profit of KD10.1 million ($35.5 million) for the first three months of the year.

Kuwait’s Agility Public Warehousing reported a 46 per cent increase in net profit for the first quarter on Monday thanks to a rise in revenues driven by its logistics and infrastructure divisions.

Net profit was KD10.1 million ($35.5 million) for the three months to the end of March compared with 6.9 million in the same period a year ago, the company said in a statement.

It previously reported net profit of KD7.1 million for the first quarter of 2012 and did not give a reason for the discrepancy.

Group revenue in the quarter rose 10 per cent to KD352.6 million.

Agility, the biggest logistics company in the Gulf Arab region, signed an $80 million contract in Iraq in March.