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Agility profit rises 37pc; dividend up

Kuwait, March 24, 2014

Kuwait-based Agility, the largest logistics group in the Gulf region, reported a 37 percent rise in full-year net profit on Monday and raised its dividend.

Net profit in 2013 was 46.2 million dinars ($164.1 million)compared to 33.7 million dinars a year earlier.

The filing did not give a quarterly breakdown of earnings. Reuters calculations based on previous financial statements indicated profit was 12.4 million dinars in the fourth quarter of 2013.

Agility initially reported a net profit of 9.65 million dinars for the fourth quarter of 2012, but it said on Monday that it had restated 2012 earnings, without giving details.

The company's board recommended a cash dividend of 40 percent and 5 percent bonus shares, the filing said. This compared to 30 percent cash and 5 percent bonus shares for 2012.

In the fourth quarter, the company signed two deals worth $200 million each covering periods of several years.

It reshuffled its management in January to comply with new company regulations in Kuwait. - Reuters




Tags: logistics | Agility | Kuwait |

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