Agility reports net profits of $35m for Q1, 2013
Global logistics provider Agility announced a net profit of US$35.51 million (KD 10.1m) for the first quarter of 2013.
In an announcement yesterday, the firm also revealed earnings per share (EPS) of 10.19 fils, up 46% and 47% respectively over the same period last year. While revenue and EBITDA stood at KD 352.6 million ($1.239b) and KD 21.6 million ($75.94m), respectively, up 10% and 36% over Q1 of 2012.
“We are pleased to report that we are continuing on a healthy growth trajectory,” said Tarek Sultan, Agility’s chairman and managing director. “2013 has started off on the right track and we are making progress against our goals in both the core commercial business and our Infrastructure group of companies.”
Agility’s core Global Integrated Logistics (GIL) business revenue increased by 7% in Q1 2013, relative to the same quarter last year.
Despite the ongoing weakness of the global economy, Agility GIL has expanded its customer base and reach over this last quarter. For example, Agility won a three-year contract with Shell, estimated at $80 million, to manage freight forwarding from different locations around the world to the Mainoon Oil Field in Iraq. Agility was also awarded a five-year contract to provide warehousing services to Universal, a home appliance provider in Egypt, with an estimated contract revenue of $9.7 million.
Agility’s goal is to realize GIL’s full potential over the next three to five years by sustaining momentum in the execution of its commercial strategy, maintaining financial discipline and accelerating technological transformation to drive productivity and customer service. GIL’s competitive advantage is its strong platform in emerging markets, which continue to drive global growth.
Agility's Infrastructure group contributed KD 57 million to total revenue in Q1 2013, a 20% increase over the same period last year.
Companies in the Infrastructure portfolio continue to show healthy growth. Agility’s Real Estate business, the most significant financial contributor in the Infrastructure group of companies, increased its revenues by 14% relative to Q1 2012.
Agility’s Infrastructure companies occupy profitable niches in the marketplace and, as a group, serve as a healthy hedge against volatility in the global economy.