The Kuwaiti logistics company Agility posted a 10.9 per cent increase in first-quarter net profit, but revenues fell due to lower income from its logistics business.
Net profit in the three months ending March 31 rose to 13 million Kuwaiti dinars (Dh158.5m), up from 11.8m dinars in the year-earlier period, the company said in a statement.
“Net profit improved 10.9 per cent, despite challenging market conditions in the Eurozone, China and the Middle East,” chief executive Tarek Sultan said. “Our efforts to define a clearer strategy and improve execution are paying off in stronger customer relationships, an expanding emerging market footprint, a sharper focus, and a more disciplined management approach.”
Revenue declined 6 per cent to 298.8m dinars from 318m dinars a year earlier.
Agility, which is listed in Dubai and Kuwait, said overall revenues were impacted by lower revenue from its logistics business due to a global slowdown in trade.
Ebitda – earnings before tax, interest, taxes, depreciation and amortisation – in the first quarter rose 12 per cent to 26.2m dinars from 23.4m dinars in the year earlier period.
The firm is targeting Ebitda of US$800m by 2020.
Agility plans to borrow to partly fund $1.5 billion worth of investments in property and logistics to reach its 2020 target.
dalsaadi@thenational.ae
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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Israel Palestine on Swedish TV 1958-1989
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Rating: 5/5
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Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
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Started: August 2020
Founder: Areej Selmi
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August 27
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August 31
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Name: Hassan Mohsen Elhais
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