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            may 21, 2018

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Agility Q1 profit up 11.1pc to US$47.9 million as sales rise 7.3pc


Global logistics provider Agility increased first quarter net profit 11.1 per cent to KWD14.6 million (US$47.9 million), drawn on revenues of KWD320.5 million, up 7.3 per cent year on year.
"Our performance has been driven by strong growth in our infrastructure companies in emerging markets and by the steady progress we have made in improving the underlying fundamentals of our commercial logistics business," said Agility CEO Tarek Sultan.
Agility's global integrated logistics (GIL) business had revenues of KWD240.3 million for the quarter, up 6.5 per cent year on year.
GIL, the company's core logistics business, provides air, ocean and road freight forwarding; warehousing; distribution; and specialised services in project logistics, chemical logistics, and fairs and events.
During the quarter, the company's air freight and ocean freight volumes grew 16 per cent and 12.5 per cent respectively both outpacing the market average.
Over the course of 2017, new facilities are coming online in the Middle East and Singapore, and GIL is also investing in transforming its business through technology and further strengthening its online solutions for customers, Agility said.
Meanwhile, Agility's infrastructure group, which offers logistics-related services in emerging markets, posted revenues of KWD81.8 million for the quarter, up 8.6 per cent, primarily due to Agility Real Estate and Tristar, a fully integrated logistics company serving the downstream oil and gas industry.
Agility real estate is the largest private owner of industrial real estate in the Middle East and Africa, and is establishing new facilities in the regions. Agility is developing over 900,000 square metres in Kuwait over the next three years.

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