Agility posts KD 53 mln in '15 profits

KUWAIT, March 27 (KUNA) — Agility has announced its 2015 financial results, reporting a net profit of KD 53 million, or 46.41 fils per share, an increase of 5% over the same period in 2014. Revenue for the year stood at KD 1.3 billion. EBITDA stood at KD 100 million. A Kuwaiti dinar is equal USD 3.30.
Agility CEO Tarek Sultan said in a press release that for fourth quarter 2015, Agility reported a net profit of KD 14 million with an earnings-per-share of 12.44 fils, an increase of 5% over the same period in 2014. Revenue for the quarter stood at KD 322 million and EBITDA at KD 27 million.
He added that the Agility Board of Directors had proposed a dividends distribution of 30% (30 fils per share) for the fiscal year 2015, subject to the approval of the Annual General Meeting.
The Board also announced that Agility will pursue a treasury share buyback “program” to repurchase up to 10% of its share capital, in compliance with the rules and the regulations set forth by the CMA and other relevant regulatory authorities, he said.
The buyback program will entail various mechanisms, such as a tender offer or purchases through the open market. The company will make the announcement of the price and the size of the share buyback at the time of the offer, he added.
Sultan said: “Agility made good progress in 2015 but still has a demanding road ahead to make it the leading company we all desire. In 2015, we were able to generate KD 105 million cash from operations, a 68% improvement from last year. We improved our free cash flow by KD 6 million to reach KD 31 million in 2015, despite challenging economic times.” “Our longer-term target is to reach an EBITDA of USD 800 million by 2020. Our efforts to define a clearer strategy and improve execution are paying off in stronger customer relationships, an expanding emerging market footprint, a sharper focus, and a more disciplined management approach,” he noted. (end)