The Kuwaiti leading logistics group Agility, reported Wednesday KD 13.04 million in profit for third quarter of 2014, or 11.90 fils per share, an increase of 7 percent from the same period in 2013.
In a press statement, the Group stated that the third-quarter revenues were KD 337.09 million, a 3 percent increase from the same period a year earlier.
"Agility continues to grow the bottom line with all entities showing improvements in their financial performance. The Agility Global Integrated Logistics (GIL) business, our core commercial business, saw revenues contract because of the wind down of major project logistics contracts," said Tarek Sultan, Agility's Chief Executive Officer.
"At the same time managed to improve net revenue margins by boosting commercial performance in other areas and realizing gains in technology-driven transformation and productivity initiatives. Agility Infrastructure companies continue to grow, fueled by new opportunities in the Middle East and Africa." The Group's earnings before interest, taxes, depreciation, and amortization (EBITDA) were KD 25.50 million, an 8 percent increase compared to Q3 2013 with margin improving from 7.23 percent in Q3 2013 to 7.57 percent in this quarter, reads the statement.
For the first 9 months of 2014, Agility reported a net profit of KD 37.14 million with an earnings-per-share of 33.90 fils, an increase of 10 percent from the same period of 2013.
Revenues for the same period were KD 993.06 million, a 4 percent decrease from same period last year. EBITDA increased by 6 percent to reach KD 73.13 million.
"Agility also remains open to any business opportunity that might be accretive in value for our shareholders." Sultan added.
As for Agility's Global Integrated Logistics (GIL), the statement unveiled that the GIL revenue for the third quarter of 2014 was KD 267.80 million a 4 percent decline from the same period last year; however, net revenues have improved by 2.2 percent, with margins expanding from 21.8 percent in Q3 2013 to 23.34 percent in Q3 2014 driven by better performance of contract logistics specifically in the Middle East.
"We have managed to stay agile and responsive in a world where growth is slowing, trade patterns are changing and competition is intensifying. We have shown good progress in our technology driven transformation, where we are building a new operating system aimed at improving productivity, service and growth.
Meanwhile, Agility's Infrastructure Group contributed KD 69.39 million to third quarter 2014 revenues, a 16 percent increase over Q3 2013. Agility Real Estate grew revenue by 11 percent this quarter compared with the same period last year.
"Agility Infrastructure companies posted strong results this quarter and are expected to continue to grow through investments in emerging markets," Sultan said.
"Agility sees Africa as a major opportunity for all of its business going forward." Agility is one of the world's leading providers of integrated logistics. It is a publicly traded company with more than USD 4.8 billion in revenue and more than 20,000 employees in over 500 offices across 100 countries.