Kuwaiti Agility records a 15% rise in net profit in the fourth quarter, thanks to an IPO of commercial units

Agility, one of the largest logistics companies in the Persian Gulf, recorded a 15.1% increase in net income in the fourth quarter, due to growth in its aviation and airline operations. 39; infrastructure.

As of December 31, net profit amounted to 22.2 million Kuwaiti dinars (268.3 million dirhams) compared to the same period of the previous year. Net sales in the fourth quarter fell 1.6 percent to 123.7 million dinars, Agility said in a statement. statement Saturday. The Kuwaiti company could postpone its goal of earning $ 800 million in EBITDA next year while considering acquisitions and weighing the sale of some of its business units, he added.

"Agility has improved shareholder profitability for 10 consecutive quarters," said Tarek Sultan, general manager and vice president of Agility. "In 2018, Agility recorded double-digit growth in EBITDA for the third year in a row."

The logistics and warehousing company, which plans to invest $ 1.6 billion by 2020, is looking to expand its industrial real estate and warehousing business in emerging markets to meet growing demand. through e-commerce transactions.

She has also partnered with an investment company to acquire part of Abraaj's business. The Dubai-based company Abraaj, which is in provisional liquidation in the Cayman Islands, plans to divest part of its fund management business, Abraaj Investment Management. Agility showed interest in the company in July.

Mr. Sultan said that Agility remains committed to achieving its target of earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 800 million, but that the timetable could be delayed "beyond 2020", without providing additional precision.

Agility will explore growth options, including investments, acquisitions and public offerings from certain companies in its portfolio, he said.

Agility's Board recommended a 15% or 15-per-share cash dividend and 15 shares for every 100 shares held, subject to the approval of its general meeting.

The company's annual net profit rose 18.4% to 81.1 million dinars, while net income rose 5.9% to $ 497.8 million from 2017. EBITDA for Year-on-year reached 154.8 million, an increase of 14.5% over 2017.