Agility reports strong gross revenue growth in second quarter

The earnings per share, after adjusting the 2007 stock dividends were Kuwaiti Fils 33.80 compared to 36.85 Fils per share in 2007.

"The second quarter of 2008 has continued to be inline with our expectations," said Ehab Aziz, Group Chief Financial Officer for Agility.

Aziz explained: "Our integration and optimization plan, following a period of massive and exponential growth, is progressing very well. Despite the challenging and the uncertain economic and business environment, we are confident that we are very well positioned to continue to grow and create value to our shareholders."

He added: "In the Middle East we continue to maintain our position as a leader in logistics and distribution. Our strong global positioning and reach into the local markets, especially in the rapidly expanding emerging markets, assures us solid sustainability and increased development. With our customer-focus, flexibility and the ability to enter challenging or specialized markets, we have a positive outlook for the future."

During this quarter Agility announced the acquisition of 71% stake in the Denmark based forwarder CF GeoLogistics thereby increasing its total interest in the company to 100%.

The acquisition of Kenya based forwarder Star freight Logistics and the French forwarding company Medgroup was also completed.

With the Medgroup acquisition Agility now has a larger presence in France and has successfully forayed into Algeria.