#Kuwait's Agility reports "disappointing" revenue growth, analyst says | ZAWYA MENA Edition

Kuwait's Agility reports "disappointing" revenue growth, analyst says | ZAWYA MENA Edition:

Kuwait’s Agility, one of the largest logistics companies in the Gulf, reported a rise in first quarter (Q1) earnings and revenue for the year 2019, but earnings growth fell below analysts’ expectations.

Agility’s Q1 2019 net profit attributable to shareholders amounted to 20.28 million Kuwaiti dinars ($66.66 million), compared to 18.9 million dinars in Q1 2018, a 7.3 percent increase.

Earnings were in line with SICO Bank’s estimate of 20.7 million dinars, adjusting for the implementation of International Financial Reporting Standards 16 (IFRS 16), a new global accounting standard covering the treatment of leases. Ayub Ansari, senior analyst at investment bank SICO, said that its introduction had led to the amount of earnings the company declared reducing by 0.55 million Kuwaiti dinars.