Agility Q2 profit up 49pc to $40m
Kuwait, August 6, 2013
Agility, a logistics major based in Kuwait, today reported a net profit of KD11.5 million ($40.29 million) for the second quarter of 2013, as compared with KD7.7 million for Q2 2012, marking a rise of 49 per cent.
Earnings per share were 11.03 fils in Q2, compared with an EPS of 7.33 fils in Q2 2012.
Revenues and EBITDA stood at KD355.2 million and KD23.7 million, respectively, up 2 per cent and 26 per cent over Q2 of 2012, a statement said.
“Agility remains on a healthy growth trajectory in spite of renewed uncertainty about the health of the global economy,” said Tarek Sultan, chairman and managing director. “Our core commercial logistics business continues to drive improvements in productivity and efficiency that have enabled it to weather slowing trade volume and weakness in key regions. At the same time, our Infrastructure group of companies is generating solid growth.”
Revenues in Agility’s core Global Integrated Logistics (GIL) business, despite ongoing challenges in the global economy, were slightly higher than the same quarter a year earlier, it said.
During the second quarter, Agility GIL was able to expand its operations by expanding business with existing customers and winning contracts with new customers.
“GIL has maintained financial discipline and taken a strategic approach to growth by concentrating on global accounts and strategic trade lanes,” Sultan said. “GIL is working towards being an even more efficient, productive and customer-focused business; Moreover, GIL’s competitive advantage lies its strong platform in emerging markets, which continue to drive global growth.”
Agility's Infrastructure group contributed KD59.1 million to total revenue in Q2 of 2013. For the first six months, revenues increased 9 per cent compared with the same period last year.
Agility’s Real Estate business, the most significant financial contributor among the Infrastructure group of companies, improved its revenues by 14 per cent relative to Q2 of 2012.
Companies in the Infrastructure group continue to show healthy and profitable growth. - TradeArabia News Service