Revenues up at Agility
Tuesday, 14 August 2012
Middle east logistics provider boosted top line in Q2 although net profit flat
Kuwait-based logistics provider Agility says has today announced financial results for the second quarter of 2012.
The company reported a net profit of KD 7.8 million [1 Kuwaiti dinar = 2.26 British pounds] for the quarter, and earnings per share (EPS) of 7.9 fils. Revenue and EBITDA were KD 348.8 million and KD 18.9 million, respectively.
“We started 2012 off on the right track, and our mid-year results show that both our internal transformation and business development efforts are paying off,” said Tarek Sultan, Agility’s Chairman and Managing Director.
“EBITDA adjusted for one-off impacts shows a 63% improvement relative to the same period last year.”
“Although we feel the effects of the broader slowdown in the economy, we continue to improve our operational performance during these challenging times. We are making good progress in our efforts to transform our business through technology, improved financial discipline, and focus on under-performing entities.
"We have also seen strong sales growth in emerging and challenging environments. For example, our scope of work to support the world’s largest natural gas project in Western Australia has grown substantially and is estimated at A$232 million over the next two years,” Sultan added.
Global Integrated Logistics (GIL)
Revenue from Agility’s core GIL business increased by 1% in Q2 2012 relative to the same quarter in 2011.
It holds a leading position in emerging markets in the Middle East, Asia, Eastern Europe, and increasingly Latin America and Africa.
Infrastructure Performance, Agility’s Infrastructure group, contributed KD 58.4 million to total revenue in Q2 2012 compared to KD 45.2 million last year.
Agility’s Real Estate business remains the main contributor to revenue of the Infrastructure group, growing 21% in Q2 2012 relative to the same quarter in 2011. Other Agility Infrastructure businesses have also shown continued growth compared with 2011.
Agility’s Q2 2012 results are the first to include those of newly acquired business, United Projects for Aviation Services (UPAC). UPAC manages real estate at Kuwait International Airport and provides ground handling, maintenance and facilities maintenance services for the private terminal at the airport.
UPAC also provides facilities management services at a leading shopping mall in Kuwait. UPAC is a natural strategic fit for Agility and builds on the strengths of Agility’s Infrastructure portfolio companies.
“Our reinvigorated sales focus, strong presence in emerging markets that are continuing to grow, and track record of outstanding performance in complex and challenging environments are strong contributors to the positive momentum we are seeing in 2012 so far,” said Sultan.
“We have also worked hard to restructure the business over the last two years, and are beginning to reap the benefits.
"Although the global economic outlook is likely to continue to be uncertain for the rest of the year, I am confident Agility is moving in the right general direction. We have shown our ability to adjust, adapt, reinvent and address problem areas head-on, living up to our name - Agility."
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