Late recovery keeps Agility in the black

Surging fourth quarter revenue saw integrated logistics provider Agility posting a healthy 11 percent increase in net profit in 2009.

"It has been a tough year, for the global economy, for the logistics industry, and for Agility," said Tarek Sultan, chairman and managing director.

"We have performed well in these challenging times by focusing on reducing costs, including a reduction in our headcount, while driving organic growth through a number of important new contracts."

Agility reported a net profit of US$540 million, on full year revenue of $6.3 billion that was seven percent down on 2008.

The Agility chairman said it was a mixed year for the company.

"On one hand, the company was able to report solid operational profits, continue to grow its emerging market footprint, and attract a number of important new customers around the world. This is particularly significant given a global financial crisis that hit the logistics industry hard overall," he said.

"On the other hand, Agility is facing a number of challenges, including the slower-than-expected recovery from the global economic recession, the troop drawdown in Iraq, and the ongoing legal issues."

(Source: Cargo News Asia)