Agility reported strong financial results for fiscal year 2008 ending Dec. 31., despite the global slowdown that started in fourth quarter of 2008. Revenue rose 10 percent to KD1.84 billion, compared with KD1.67 billion in 2007. Agility reported a robust net profit KD141 million or 138fils per share, with operating profits of KD161 million. “We are proud of the quality of profits which stems from Agility's focus and determination in growing its core operations.” said Tarek Sultan, chairman and managing director of Agility. “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; Agility was able to achieve strong profits which helped enhance our balance sheet position.” Agility's asset base grew 7 percent in 2008 to KD1.64 billion. The company borrowed approximately KD220 million from international and regional banks, using the funds to pay down short-term debt and extend the maturity of remaining debt. As a result, over 60 percent of Agility's debt is due after 2010, a strong position in the current credit environment. Global Integrated Logistics (GIL) accounted for 59 percent of Agility's revenue in 2008. Its revenue rose 11 percent year on year. Revenue from continuing operations rose 12 percent. The remaining increase came from new acquisitions. GIL focused on growing its network, acquiring new customers, optimizing costs and putting business-transformation initiatives in place. GIL expanded its European network through acquisitions, establishing offices in Austria, Slovenia, Poland, Hungary, Denmark and Finland. Through GIL, Agility 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. The company sought to expand its presence and capabilities in China and acquired Shenzhen-based ocean freight forwarder COSA Freight and purchased Shanghai-based logistics provider Baisui Logistics in order to serve the growing Chinese domestic market.
