24 March 2008
KUWAIT: Agility yesterday announced its annual financial results for the year 2007 with a 26 percent increase in top line growth reaching $6.25 billion, and with operating profits standing at $652.466 million for the year.
Announcing the results, Tarek Sultan, Chairman and Managing Director of Agility said: "Our 2007 financial results demonstrate the strength of our growth potential. We continue to retain long standing customers and expand our existing customer base to witness top line growth. As we progress, we will build on this potential by ensuring a stronger customer focus and closer collaboration among our individual businesses and employees at all levels.
Agility has a network of over 32,000 employees in more than 550 offices across the world that serve three key business groups - Global Integrated Logistics (GIL), Defense & Government Services (DGS) and Investments.
Sultan highlighted: "As we continue to concentrate on organic growth and development and drive efforts to improve cash generation; we have adopted the strategic controller business model which has allowed us to evolve into three independent, yet synergized groups. This will allow us to further leverage our emerging market platform and superior growth opportunities; one of Agility's competitive advantages. Our strategic positioning in these high growth markets and key geographies creates an ideal platform for development; leveraging our global network and unique local knowledge. Today we have a well established footprint in the Middle East region, and an unparalleled adaptable logistics and distribution capability.
Agility's strong position in the Middle East is reflected through some significant wins in 2007 that included the Qatar - Pearl GTL project; a 3PL contract with Matrah Cold Stores in Oman; new warehouses in Queen Alia International Airport Free Zone in Jordan; and a joint venture in Abu Dhabi with Mubadala & Al Bateen Investments.
We have begun putting in place the measures required to maximize our operating platform and ensure cost alignment in the coming quarters. Underlying these initiatives is Agility's road map towards improving performance. Each business group is focused on executing its individual roadmap alongside their strategic thrust which is focused on delivering tangible results to our investors." Sultan added.
He also emphasized: "As always, we remain strongly committed to our shareholders and promise to continue improving our disclosures. 2007 has witnessed Agility embarking on investor roadshows based in the UAE; Egypt, London, and New York to reach out to the capital markets community where senior management has met with over 250 institutional investors. This will continue in 2008 with more specific road shows and an Investor Conference. A cornerstone of this commitment is to gradually provide more transparency along the business group financials and create more comparable financial reports.
Sultan further underscored Agility's commitment to the shareholders by closely monitoring the stock performance and potentially putting into practice the company's ability to buy back up to 10% of outstanding shares throughout the year.
Agility Board of Directors and have recommended a cash dividend distribution of 80 fils per share, and a stock dividends of 10 percent. In addition to a 25 percent capital increase at 100 fils par value and 350 fils premium.
KUWAIT: Agility yesterday announced its annual financial results for the year 2007 with a 26 percent increase in top line growth reaching $6.25 billion, and with operating profits standing at $652.466 million for the year.
Announcing the results, Tarek Sultan, Chairman and Managing Director of Agility said: "Our 2007 financial results demonstrate the strength of our growth potential. We continue to retain long standing customers and expand our existing customer base to witness top line growth. As we progress, we will build on this potential by ensuring a stronger customer focus and closer collaboration among our individual businesses and employees at all levels.
Agility has a network of over 32,000 employees in more than 550 offices across the world that serve three key business groups - Global Integrated Logistics (GIL), Defense & Government Services (DGS) and Investments.
Sultan highlighted: "As we continue to concentrate on organic growth and development and drive efforts to improve cash generation; we have adopted the strategic controller business model which has allowed us to evolve into three independent, yet synergized groups. This will allow us to further leverage our emerging market platform and superior growth opportunities; one of Agility's competitive advantages. Our strategic positioning in these high growth markets and key geographies creates an ideal platform for development; leveraging our global network and unique local knowledge. Today we have a well established footprint in the Middle East region, and an unparalleled adaptable logistics and distribution capability.
Agility's strong position in the Middle East is reflected through some significant wins in 2007 that included the Qatar - Pearl GTL project; a 3PL contract with Matrah Cold Stores in Oman; new warehouses in Queen Alia International Airport Free Zone in Jordan; and a joint venture in Abu Dhabi with Mubadala & Al Bateen Investments.
We have begun putting in place the measures required to maximize our operating platform and ensure cost alignment in the coming quarters. Underlying these initiatives is Agility's road map towards improving performance. Each business group is focused on executing its individual roadmap alongside their strategic thrust which is focused on delivering tangible results to our investors." Sultan added.
He also emphasized: "As always, we remain strongly committed to our shareholders and promise to continue improving our disclosures. 2007 has witnessed Agility embarking on investor roadshows based in the UAE; Egypt, London, and New York to reach out to the capital markets community where senior management has met with over 250 institutional investors. This will continue in 2008 with more specific road shows and an Investor Conference. A cornerstone of this commitment is to gradually provide more transparency along the business group financials and create more comparable financial reports.
Sultan further underscored Agility's commitment to the shareholders by closely monitoring the stock performance and potentially putting into practice the company's ability to buy back up to 10% of outstanding shares throughout the year.
Agility Board of Directors and have recommended a cash dividend distribution of 80 fils per share, and a stock dividends of 10 percent. In addition to a 25 percent capital increase at 100 fils par value and 350 fils premium.
© Kuwait Times 2008
