Agility sees profits slide

摘要

Agility has announced a 2010 net profit of KD 25.1m ($91.4m), down 84 per cent from the KD 156.4m achieved 12 months previously. Over the same period, sales fell 5.9 per cent from KD 1.7bn to KD 1.6bn. "The results are in line with our expectations. We moved aggressively to reduce overheads, improve efficiency through streamlining and standardising processes, strengthen the balance sheet and ensure that our core commercial business is more disciplined about costs and better focused on customers," says chairman and managing director Tarek Sultan. "We knew profits would be hurt by the loss of US government contracts and the reorganisation. Our priority is to position the commercial business for sustained growth."