KUWAITI global forwarder Agility has posted a 10 per cent year-on-year third quarter net profit increase to KWD37.14 million (US$127.5 million), drawn on revenues of KWD337.09 million, up three per cent.
Quarterly EBITDA was KWD25.5 million, a 7.57 per cent year-on-year increase. For the first nine months of 2014, Agility reported a net profit of KWD37.14 million, an increase of 10 per cent.
But revenues were down four per cent to KWD993.06 million in the same period while EBITDA increased six per cent to KWD73.13 million.
"Agility continues to grow the bottom line with all entities showing improvements in financial performance," said CEO Tarek Sultan.
But he also said the company's core business, global integrated logistics, saw revenues contract because major projects had come to an end.
"At the same time, we managed to improve net revenue margins by boosting commercial performance in other areas and realising gains in technology-driven transformation and productivity initiatives," said Mr Sultan.
"Global integrated logistics revenue for the third quarter was down to KWD267.80 million, net revenues improved by 2.2 per cent with margins expanding from 21.8 per cent in Q3 2013 to 23.34 per cent in Q3 2014 driven by better performance of contract logistics in the Middle East, said the company statement.
"We have managed to stay agile and responsive in a world where growth is slowing, trade patterns are changing and competition is intensifying," said Mr Sultan.
"We have shown good progress in our technology, which has driven transformation, where we are building a new operating system aimed at improving productivity, service and growth," he said.
Agility's infrastructure companies contributed KWD69.39 million to third quarter 2014 revenues, a 16 per cent year on year. Agility Real Estate grew quarterly revenue 11 per cent year on year.
"Agility sees Africa as a major opportunity for all of its business going forward," said Mr Sultan.
Among the major recent business developments and new contracts for infrastructure group: a US$250 million concession won by Agility's National Aviation Services (NAS) for ground handling at Abidjan's Port Bouet Airport.
To this was added an $82.5 million contract awarded by UK Ministry of Defence to Agility DGS for the management of household moves for the UK forces and MoD personnel; an investment agreement by United Projects for Aviation Services (UPAC) develop a commercial mall in Abu Dhabi.
WORLD SHIPPING
15 November 2014 - 08:41
Agility quarterly profit up 10pc to US$127.5 million as revenues rise 3pc
KUWAITI global forwarder Agility has posted a 10 per cent year-on-year third quarter net profit increase to KWD37.14 million (US$127.5 million), drawn on revenues of KWD337.09 million, up three per cent.
WORLD SHIPPING
15 November 2014 - 08:41
Agility quarterly profit up 10pc to US$127.5 million as revenues rise 3pc
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