Agility posts 12.9m Kuwaiti dinar second quarter profits

Agility has realized a net profit of KD 12.9 million (USD 45.58) in the second quarter of 2014, marking a rise of 12 percent compared to the responding period in 2013, the company said on Saturday. Earnings-per-share hit 11.7 fils.
Announcing the company's financial results for 2Q, Agility said revenues for the three months stand at KD 341.7 million (USD 1.1 billion), a decrease of four percent compared to the same period last year. EBITDA stands at KD 25.1 million, a six-percent increase compared to 2Q of 2013, it said in a press release.
Agility's net profits for the first six months of the year reached KD 24.1 million, a rise of about 11 percent compared to the first half of 2013, with earnings-per-share of 22 fils. "Overall, Agility continues to improve financial performance and has managed to increase profits by 12 percent in the second quarter despite the continuous slowdown in the world economy and the decline of demand on logistics," said Agility's CEO Tarek Sultan.
Revenues for Agility Global Integrated Logistics (GIL) for the second quarter of 2014 was KD 270.7 million, a decrease of 7 percent compared to the same period in 2013. The drop is attributable to hard market conditions that led to a decline in the freight business, he added.
Sultan noted that the net revenues of the GIL rose by 24 percent in the 2Q of 2014, compared to 21 the same period in 2013, thanks to the good performance of the storage services sector, and the efforts that enabled Agility to obtain competitive prices for air freight, at the time when the margin of revenues in maritime freight remains low.
He stressed that Agility will continue to deliver value to shareholders through changes in the commercial logistics business as well as developing the affiliate infrastructure companies. Agility, meanwhile, remains open for strategic acquisition operations.
Agility builds durable, efficient supply chains that power businesses and drive trade, creating access to new opportunities.