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Tarek Sultan

Agility Q1 profit jumps 10.9pc to $43m

KUWAIT, May 9, 2016

Kuwait-based Agility, a leading logistics solutions provider, has reported a net profit of KD13.1 million ($43.6 million) for the first quarter of 2016, an increase of 10.9 per cent compared with same quarter of 2015.

Earnings-per-share stood at 11.4 fils, and EBITDA increased by 12.1 per cent, to KD26.2 million, compared with Q1 2015. Revenue for the first quarter stood at KD298.8 million, 6.1 per cent decrease vs. the same period last year.

“Agility started the year on a good note. Net profit improved 10.9 per cent, despite challenging market conditions in the Eurozone, China and the Middle East,” said Tarek Sultan, Agility CEO.

“Our efforts to define a clearer strategy and improve execution are paying off in stronger customer relationships, an expanding emerging market footprint, a sharper focus, and a more disciplined management approach.”

First-quarter (Q1) revenue for Agility Global Integrated Logistics (GIL) stood at KD225.8 million. Net revenue improved by 0.6 per cent with margins expanding from 23.5 per cent in Q1 2015 to 26.0 per cent in Q1 2016.

“There were two major drivers for net revenue improvement in GIL this quarter. First, continued growth in contract logistics. Agility has a strong contract logistics footprint in the Middle East, Asia Pacific that is serving growing consumer demand in these markets. Second, improved yields in the freight forwarding business,” Sultan said.

Agility’s Infrastructure companies contributed KD75.4 million to first quarter 2016 revenues, a 4.4 per cent increase over Q1 2015.

“Agility’s Infrastructure portfolio of companies continues to be an important contributor to Agility’s financial performance,” said Sultan. “We continue to invest and grow these companies and are seeing these efforts pay off, particularly in the areas of Industrial real estate, ground handling and fuel logistics.”

“Our longer-term target is to reach an EBITDA of $800 million by 2020. We have a demanding road ahead to achieve this target, but have also defined a clear strategy and roadmap to meet this goal. We continue to improve our financial performance by focusing on growing our Infrastructure portfolio of companies and simultaneously driving transformation of our core commercial logistics (GIL) business,” Sultan added. – TradeArabia News Service




Tags: logistics | Agility | Kuwait | Q1 profit |

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