Revenue at Kuwait-listed logistics company Agility is expected to resume growing next year as emerging markets business expands and the company develops new sectors, chief executive Tarek Sultan said.
With more than 20,000 employees and over 500 offices in more than 100 countries, Agility is one of Kuwait's corporate success stories and a play on the Gulf's rapidly expanding trade links with the rest of the world, especially emerging markets in Asia and Africa.
Its logistics and freight forwarding businesses, which account for most of its revenue, have been hit by instability in the global economy over the last few years. Total revenue sank 7 percent to KD656 million ($2.28 billion) in the first half of this year, after a 3 percent drop in 2013.
Agility has been able to keep its profit growing by controlling costs; salaries and employee benefits were essentially flat in the first half as net income climbed 11 percent to KD24.1 million.
"Globally, revenues have been affected by conditions that have challenged the freight forwarding industry," Sultan said in an interview for the Reuters Middle East Investment Summit, adding that Agility had therefore been focusing on how it could boost productivity.