Agility, one of the world's leading providers of integrated logistics to businesses and governments, today announced its financial results for the third quarter of 2008. In the last nine months, Agility's revenue rose by 10.6 percent from KD1.240 million in 2007 to KD1.372 million in 2008. The net revenues compared to the same period last year climbed 11 percent from KD437.5 million to KD485.8 million. Tarek Sultan, chairman and managing director of Agility, said: “Agility's business is growing despite the fiercely competitive business environment. With the current economic downturn, no business or market is totally insulated from financial turmoil. The logistics industry is no exception. Despite this, Agility's position is more stable than most other companies.” The company's operating profit reached KD120.4 million and net profits reached KD107.8 million reflecting earnings per share at Kuwaiti fils 105.0 compared to 114.0 fils per share in 2007. “In the third quarter of 2008, Agility established a healthy cash position of KD 260.8 million with net debt at KD177.12 million,” Sultan said. “Earlier this year, we refinanced our debt and extended our maturity profile.” Agility's overall revenue was mainly driven by organic growth. Agility's Global Integrated Logistics (GIL) business group experienced a 14 percent increase in revenue compared to the same period a year ago; representing KD907.3 million. This was mainly through Agility's emerging markets presence, largely in India and China and in the Middle East, where new projects also contributed to the increase. The Agility GIL business group won a number of new contracts. Some of the significant contracts were: EQUATE Petrochemicals Company contract – a non-exclusive contract from the EQUATE Petrochemical Company to provide land transportation and distribution services of the company's plastic products in the Middle East region.
