Agility reported profit of 12.1 million Kuwaiti dinars (about US$42.7 million) in the third quarter of 2013, representing a jump of 26 percent year-over-year from 9.6 million dinars.
However, the Kuwait-based logistics company’s quarterly revenue dropped 10 percent, from 363.4 million dinars in 2012 to 326.8 million dinars in 2013. Revenue from Agility’s core Global Integrated Logistics business in the third quarter accounted for 267.1 million dinars, down 9 percent from the same quarter last year, as a result of the global environment and challenging trade conditions, according to the company.
Meanwhile, Agility’s infrastructure division contributed 61.3 million dinars in revenue. The company’s real estate business, the most significant financial contributor among the infrastructure group of companies, improved its revenue by 12 percent year-over-year, and Tristar, the second biggest contributor, showed “promising growth potential,” Agility said.
In the first nine months of 2013, Agility posted profit of 33.8 million dinars, spiking 40 percent versus the first nine months of 2012. Revenue from January to September remained flat year-over-year.
“We continue to make steady progress in improving the bottom line by controlling costs and improving productivity across our business,” said Tarek Sultan, chairman and managing director of Agility, in a written statement. “Our focus will continue to be on staying agile to adapt to changing market conditions, while driving steady improvement in our core business.”