With several acquisitions during the year, Agility, formerly PWC Logistics, boosted annual revenue from $5.9 billion in 2007 to $6.8 billion in 2008. As the global recession started to pinch however, operating income came to $600 million, down 8 percent compared with operating income a year earlier of $652.5 million. Agility reported net profits of $526 million, compared with $565 million in 2007.
“Even though we began to feel the impact of the global economic crisis in our commercial business in the fourth quarter of 2008 as world trade volumes slowed,” said Tarek Sultan, chairman and managing director, “Agility was able to achieve strong profits which helped enhance our balance sheet position.”
The company will not pay dividends for fiscal 2008. Sultan said the company was seeking further acquisitions which would be available on attractive terms due to the global downturn.
Based in Kuwait, Agility is a publicly traded company with more than 34,000 employees in over 550 offices and 120 countries. Agility’s commercial division, Agility Global Integrated Logistics, is headquartered in Switzerland and provides supply chain software to customers in technology, retail, chemicals, and other industries.
Agility’s Global Integrated Logistics (GIL) division accounted for 59 percent of Agility’s revenue in 2008, with revenue rising 17 percent year on year. Revenue from continuing operations rose 12 percent; the remaining increase came from new acquisitions. GIL expanded its European network through acquisitions, establishing offices in Austria, Slovenia, Poland, Hungary, Denmark and Finland. Through GIL, Agility also invested in Algeria, Libya, Morocco and the Kurdish region of Iraq, and continued to develop its third-party logistics (3PL) capabilities throughout the Middle East and Africa. In China, GIL also acquired Shenzhen-based ocean freight forwarder COSA Freight, and Shanghai-based logistics provider Baisui Logistics in order to serve the domestic market in that country.
Agility Defense & Government Services, based in Washington, offers logistics services to governments, relief agencies and international institutions worldwide. Revenue of its Defense & Government Services division contributed 37percent of Agility’s overall revenue, and grew about 13 percent from the previous year. New customers include the United Nations, U.S. Department of State, U.S. Marine Corps, U.S. Defense Energy Support Center and U.S. Defense Supply Center Columbus.
The company’s Agility Infrastructure group companies primarily focus on opportunities in the Middle East, Africa and South Asia, providing infrastructure support in the areas of industrial real estate, customs optimization, and airline services.