Kuwait's Agility, one of the largest logistics companies in the Middle East and North Africa, more than doubled its third quarter net income as revenue from contracts climbed.
Net profit attributable to owners of the parent company for the three months to the end of September rose to 28.05 million Kuwaiti dinars ($91 million), the company said in a filing to the Dubai Financial Market, where its shares are traded.
Revenue from contracts with customers by the end of September rose to 360.79 million dinars up from the 256.32 million dinars recorded for the same period a year earlier.
Quarterly net revenue rose more than 46 per cent on an annual basis to 212.83 million dinars, the company said.
Costs during the third quarter increased, with salaries and employees’ benefits up by more than 66 per cent to 118.29 million dinars, while the finance cost for the period more than doubled to 18.62 million dinars.
In recent quarters, Agility has expanded its footprint and global reach through acquisitions as it looks to secure more customer contracts amid a slowing global economy.
It aims to acquire companies that could complement its operations and expansion in the region and beyond.
In March last year, Agility acquired a 51 per cent stake in UK-based HG Storage International for 65 million dinars in a deal aimed at expanding its global portfolio. HG Storage International, a joint venture between HNA Group and Glencore Group, was acquired by Agility’s UAE subsidiary Tristar.
Agility also acquired UK-based aviation services company John Menzies for £763 million ($921.5 million) in August last year, merging its subsidiary National Aviation Services with the firm to create the world’s biggest aviation services provider.
The company’s net profit and revenue during the first nine months of the year also improved.
Net income for the period rose by 39 per cent year on year to 57.53 million dinars, while revenue almost doubled to 1.01 billion dinars.
Agility's assets stood at 3.67 billion dinars as of September 30, the company said.