The logistics services provider Agility earned a net profit of $164.1 million, a year-over-year increase of 37 percent, according to financial results released Thursday.
Net revenue for the Kuwait-based company fell 3 percent, to $4.8 billion, with revenue for its core Global Integrated Logistics division falling 4.5 percent. GIL revenue represents about 80 percent of Agility’s total revenue.
“Agility is continuing to gain strong ground,” Agility Chief Executive Officer Tarek Sultan said in a statement. “We will continue to grow along two main fronts. One, by improving performance in the core Global Integrated Logistics business through technology-driven transformation, ongoing focus on global accounts and field sales, and maintaining financial discipline.
“Two, by growing the individual companies within our infrastructure portfolio, expanding their geographic reach and diversifying their customer base. Our diversified business model allows us to hedge risk and take advantage of niche market segments in emerging markets, while making steady progress in improving our underlying business.”
The company said it had a net cash position of $291.3 million, with free cash flow of $202.5 million.