Agility’s net profit rose eight per cent to 27m Kuwaiti dinars (£61m) last year, although sales were down 17 per cent to 1.33bn Kuwaiti dinars £3bn).
Chairman and managing director Tarek Sultan said: “In 2011 and continuing into 2012, we are heavily focused on strengthening our core commercial business. This includes redeploying resources: we sold the bulk of our vehicle fleet in the Middle East, freed up warehousing space for commercial customers, and converted working capital to cash. Having undergone some heavy lifting in terms of restructuring over the last two years, the company anticipates solid gains in 2012 and beyond.”
In the Global Integrated Logistics (GIL) business, Sultan said: “We have worked hard to engineer a sustainable, durable turnaround in our core commercial business. The message for customers is that we’re growing, healthy and here to support you,” Sultan said. “Our focus in 2012 will continue to be growing business with existing and new customers by leveraging our global footprint and market-leading position in emerging markets. At the same time, we intend to drive efficiencies in our operating platform.”
“Although 2012 is likely to be another tough year for the global economy, we are committed to continuing to drive the company forward and expect to see real gains over our 2011 baseline,” said Sultan.