Kuwait-based Agility today reported its profit in the fourth quarter of 2012 was 9.6 million Kuwaiti dinar (about US$33.6 million), a 179 percent jump from $12.3 million in the fourth quarter of 2011.
Quarterly revenue rose 9 percent year-over-year to $1.3 billion in 2012 from $1.2 billion in 2011.
For full year 2012, net income totaled $120.4 million, up 27 percent from 2011. Annual revenue increased 7 percent to $4.9 billion.
“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, the logistics provider’s chairman and managing director, in a written statement. “In 2012, we continued to improve profitability, invested strategically in the business and maintained a healthy balance sheet.”
Revenue for Agility’s core business, Global Integrated Logistics, for 2012 was $4.1 billion, up 2.2 percent from 2011. Revenue for Agility’s Infrastructure group totaled $852.6 million, up 19 percent year-over-year.
“Our strategy going forward is two-fold: Within Agility’s core GIL business, it is to realize value by focusing on executing our commercial strategy, maintaining financial discipline and accelerating technology transformation to drive productivity and customer service,” Sultan continued. “Within the Infrastructure group of companies, our strategy is to grow the individual potential of our portfolio companies.”