Agility holds AGM and EGM, endorses 15% cash dividend

Net profit for 2016 up 10.6% to KD 59.1 mln

KUWAIT CITY, May 24: Agility, a leading global logistics provider held its Annual Ordinary and Extra Ordinary General Assembly Meeting at the Radisson Blu Hotel, with a quorum of 75.17 percent.

The company’s shareholders approved all the items on the agendas including Agility’s audited financial results for the year ended Dec 31, 2016 and endorsed the Board of Directors’ recommendation for a cash dividend of 15 percent (15 fils for every share), a bonus share distribution of 10 percent (10 shares for every 100 shares).

In 2016, Agility reported a net profit of KD 59.1 million (51.3 fils per share), an increase of 10.6 percent over the same period in 2015. Revenue for the year stood at KD 1,234.0 million and EBITDA at KD 115.2 million.

Reporting these results to his shareholders, Tarek Sultan, Vice-Chairman and CEO of Agility said: “We are pleased to report to you Agility’s steady improvement of its financial performance, with Agility GIL closing the year with an EBITDA improvement of 17.0 percent and Agility’s Infrastructure group showing an EBITDA improvement of 30.1 percent.

“I am also proud to say that Agility is making good progress towards its 2020 target, whereby Agility has generated healthy cash flows, and remains on track to reach its goal of $800 million in EBITDA by 2020. To reach this target, we are focused on both continuously improving our underlying performance in GIL, while also investing for the future in our Infrastructure companies. Agility is growing its Infrastructure businesses substantially by undertaking a number of major industrial real estate projects in the Middle East and Africa over the course of the next few years, expanding the shipping fleet of its Tristar business, and investing in the Reem mega-mall in Abu Dhabi,” continued Sultan.

“We will expect Agility’s balance sheet to move towards a net debt position as our Infrastructure companies fund their expansion plans. We have our challenges but we also see opportunities on the horizon, and are investing in them accordingly.”