The logistics company Agility said it had net profit of 34.3 million Kuwait dinar (KD) in 2012 ($119.9 million), 27 percent more than in 2011.
Revenue in 2012 was 1.4 billion KD, 7 percent more than in 2011.
In the fourth quarter, the company reported a net profit of 9.6 million KD, 179 percent more than in in the same 2011 period and revenue of 383.7 million KD, 9 percent more than in the fourth quarter of 2011.
“We have worked hard in the past few years to refocus the company and outline a vision for the future, which is already reaping results,” said Tarek Sultan, Agility’s chairman and managing director. “In 2012, we continued to improve profitability, invested strategically in the business and maintained a healthy balance sheet. All this is impressive in light of the fact that the global economy was – and continues to be – weak.”
Most of the company's revenue last year, 1.18 billion KD, came from its global integrated logistics business, while 243 million came from its infrastructure business.
The company said the infrastructure business showed "an improvement in its operational and financial performance during 2012" and is seeking "to leverage its global footprint and market-leading position in emerging markets; grow business with existing and new customers; concentrate on key global accounts and strategic trade lanes; maintain financial discipline; and achieve productivity gains through technological transformation."
Sultan said the logistics business "will to some extent always be tied to the global economy and trade volumes; which continue to be volatile. That said, our approach is to focus on what we can control. Our goal is to realize GIL’s full potential over the next three to five years, by maintaining our momentum when it comes to executing against our core strategy. Although we still have work ahead, GIL has made significant progress in becoming a more efficient, productive, and customer-focused business. GIL’s competitive advantage going forward is its strong platform in emerging markets, which continue to drive global growth.”
The company said its infrastructure companies "continue to occupy profitable niches in the marketplace; serving as a healthy hedge against volatility in the global economy because they are in relatively stable, high-growth sectors in emerging markets.
"Agility’s real estate business remains the main contributor to the infrastructure group. By focusing on revenue enhancement and improving utilization, Agility real estate has grown its revenue by 12 percent in 2012. Tristar, a fuel transport company, and National Aviation Services, a ground handling company, are also significant contributors to the infrastructure group, improving their revenue in 2012 by 44 percent and 32 percent respectively," the company said. - Chris Dupin