Agility net profit surges 46pc in Q1
Kuwait, April 29, 2013
Agility, a leading global logistics provider, has registered a net profit of KD10.1 million ($35.3 million) for the first quarter of 2013, up 46 per cent compared to KD6.9 million during the same period last year.
Announcing the results, the logistics group said its earnings per share (EPS) grew 47 per cent to 10.19 fils compared to 6.92 fils ithe same period last year. The revenue and Ebitda stood at KD352.6 million and KD21.6 million, respectively, up 10 per cent and 36 per cent over the first quarter of 2012.
Despite the ongoing weakness of the global economy, Agility said it core Global Integrated Logistics (GIL) business has expanded its customer base and reach over this last quarter.
Agility’s GIL increased by seven per cent in the first quarter, relative to the same quarter last year.
For example, Agility won a three-year contract with Shell, estimated at $80 million, to manage freight forwarding from different locations around the world to the Mainoon Oil Field in Iraq. Agility was also awarded a five-year contract to provide warehousing services to Universal, a home appliance provider in Egypt, with an estimated contract revenue of $9.7 million.
Agility’s goal is to realize GIL’s full potential over the next three to five years by sustaining momentum in the execution of its commercial strategy, maintaining financial discipline and accelerating technological transformation to drive productivity and customer service. GIL’s competitive advantage is its strong platform in emerging markets, which continue to drive global growth.
Commenting on the results, Tarek Sultan, the chairman and managing director said, “We are pleased to report that we are continuing on a healthy growth trajectory. 2013 has started off on the right track and we are making progress against our goals in both the core commercial business and our Infrastructure group of companies.”
According to him, Agility's infrastructure group contributed KD57 million to total revenue which jumped a 20 per cent over the same period last year.
Companies in the Infrastructure portfolio continue to show healthy growth. Agility’s Real Estate business, the most significant financial contributor in the Infrastructure group of companies, increased its revenues by 14 per cent relative to Q1 2012.
Agility’s Infrastructure companies occupy profitable niches in the marketplace and, as a group, serve as a healthy hedge against volatility in the global economy, said Sultan.
The operating cash flow and free cash flow generated during the quarter rose to KD23.4 million and KD26 million respectively, he added.-TradeArabia News Service