Kuwait-based Agility Logistics has reported a 3% year-on-year increase in net profit for the first half of 2009, despite seeing a 9% decline in revenues.
On revenues of KD821m (US$2.86bn) Agility achieved a net profit of KD74.9m, largely on the back of increases in its defence and government services, and infrastructure divisions.
Its global integrated logistics (GIL) division saw revenues decline year-on-year by 15.8% to come in at KD492.8m, which it attributed to reduced trade volumes.
Defence and government services (DGS) saw revenues reach KD351.3m, an increase of 4.3% over the first half of 2008 as a result of the growth in contract wins.
Tarek Sultan, chairman and MD, said: "In the past we invested more than 60% of our capex in our logistics business in the emerging market, and we are now seeing the returns on that investment as the Middle Eastern commercial logistics market continues to grow amidst this crisis."
"Our government business is also continuing to grow and acts as a further hedge during this downturn."
