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Agility eyes $800m profits by 2020 – CEO

Agility eyes $800m profits by 2020 – CEO
Agility eyes $800m profits by 2020 – CEO
Agility
AGLTY
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Mubasher: Agility Public Warehousing is targeting $800 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 2020, its vice chairman and CEO said on Monday.

Agility is working on achieving its objective of becoming a digital leader in the logistics industry, Tarek Sultan revealed.

“We have seen double-digit EBITDA growth in our logistics business and across our portfolio of subsidiary companies. The company’s investments in technology and emerging markets infrastructure are paying off with better productivity, a growing customer base, and a diversified service and geographical offering,” Sultan stated.

On Sunday, Agility reported 12.3% year-on-year profit growth to KWD 20 million ($66 million) in the three-month period ended September, versus KWD 17.8 million ($58.7 million).

As for the nine-month period ended 30 September 2018, the Kuwait-listed logistics services provider posted a 19.7% profit rise to KWD 58.89 million from KWD 49.21 million in the same period of 2017.

“Our third-quarter results build on the momentum Agility has achieved throughout 2018,” the top official commented.

With over 22,000 employees across 100 countries, Agility’s annual revenues are estimated at $4.6 billion. The company is listed on Boursa Kuwait and the Dubai Financial Market (DFM).