Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - Agility posts profit of KD 46.2m in '13   Join our daily free Newsletter

MENAFN - Arab Times - 25/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Agility (AGLTY) today announced its financial results for the fourth quarter 2013, reporting a net profit of KD 12.4 million, an increase of 29% compared to the fourth quarter of 2012. Revenues for the fourth quarter stand at KD 342.9 million, and EBITDA at KD 25.1 million



Full year results 201

For the full year ended December 31, 2013, net profits stand at KD 46.2 million, or 44.28 fils per share; an increase of 37% over the full year of 2012. Revenues and EBITDA were KD 1.4 billion and KD 94.0 million, respectively. The Board of Directors proposed a dividend distribution of 40% cash and 5% bonus shares for fiscal year 2013. "Agility is continuing to gain strong ground. We will continue to grow along two main fronts. One, by improving performance in the core Global Integrated Logistics (GIL) business through technology-driven transformation, ongoing focus on global accounts and field sales, and maintaining financial discipline



"Two, by growing the individual companies within our Infrastructure portfolio, expanding their geographic reach, and diversifying their customer base. "Our diversified business model allows us to hedge risk and take advantage of niche market segments in emerging markets, while making steady progress in improving our underlying business," said Tarek Sultan, Agility's CEO.



Global Integrated Logistic

Revenue for Agility Global Integrated Logistics (GIL) for the full year 2013 was KD 1.13 billion, a decrease of 4.5% from FY 2012. Revenues declined due to underlying challenges in the freight forwarding industry, including difficult air freight conditions and falling ocean freight rates despite increased volume. That said, GIL improved its net revenues margin from 21% in 2012 to 22% in 2013 by driving productivity improvement in its business. "Going into 2014, our strategic priorities remain clear and consistent. We will continue to strengthen our sales channel strategy around global and strategic accounts and field sales, develop our trade lane program, and further sharpen our growth strategy in our Project Logistics business



"We will build on the momentum we have gained in driving productivity improvements through technology-driven transformation, and continue to maintain financial discipline and a streamlined administrative structure. "Throughout, we will develop our people to lead against these objectives, and drive a culture of accountability across all parts of our business. The economic outlook may be uncertain, but we will continue to focus on what we can control," said Sultan.



Infrastructure Grou

Agility's Infrastructure companies contributed KD 257.1 million to full year 2013 revenue, a 6% increase over 2012. Each Infrastructure business is different; with its own brand, management, and way forward. Agility Real Estate, the largest contributor to the Infrastructure group, grew its revenues by 16% in 2013, compared to 2012. Tristar, an integrated liquid fuels logistics company, achieved a 12.5% growth in 2013. National Aviation Services (NAS) and United Project for Aviation Services (UPAC) jointly achieved a 14% revenue growth in 2013. Significant contract wins achieved by the Infrastructure companies in 2013 included GCC Services' 320 million contract to support peacekeeping operations in Darfur, NAS's 200 million contract to manage three airports in Afghanistan, and Tristar's 200 million contract to support a global oil major



"Our Infrastructure companies are important to our overall growth strategy. They are strong contributors to financial performance in their own right, and they allow us to take advantage of niche market segments in emerging markets, where the risks and rewards tend to be higher," said Sultan. "We have seen steady year on year growth in our portfolio of companies, and we are excited by the potential of other investments we have made, like KOREK, one of three telecommunication providers in Iraq, and our investment in Gulf Warehousing Company (GWC), the largest logistics player in Qatar."





Recap of Financial Performance for FY 201

* Agility net profit stands at KD 46.2 million, a 37% increase from KD 33.7 million in 2012. EPS was 44.28 fils, compared to 32.21 fils a year earlier



* EBITDA stands at KD 94.0 million, a 19% increase from the year before



* Agility revenues for the FY 2013 are KD 1.37 billion, a decrease of 3% from KD 1.4 billion in the same period in 2012. Agility's Net revenues increased by 4.4% over the same period



* GIL revenue stands at KD 1.13 billion, a 4.5% decrease from KD 1.18 billion a year earlier.



* Infrastructure revenue was KD 257.1 million compared with KD 242.8 million a year earlier, a 6% increase from 2012.



* Agility enjoys a healthy balance sheet, with a net cash position of KD 82 million, and free cash flow of KD 57 million



Forward Vie

"We promised our shareholders sustainable growth, and we are delivering on that promise. Going forward, we will continue to drive change in the Global Integrated Logistics (GIL) business so that it becomes a truly integrated network that performs on par with its peers. We will continue to develop and grow our Infrastructure portfolio of companies. And we will stay open to "opportunistic" acquisitions of high-performing, cash flow-positive businesses in emerging markets that realize immediate financial value for the company.



We have come a long way as "Agility" in the seven years since we took that name and developed the brand. We look, feel, and are, very different from our competition. We are the only top industry player that got started outside of Western Europe or the U.S. Our heritage and coming-of-age was in emerging markets. Our culture is unique. We are open to opportunities in parts of the world where others are wary to operate, and we are willing to invest our capital in order to realize gains for our customers and our shareholders. We empower local management and encourage on-the-ground decision making that is fast and responsive to customer needs



We understand the power of relationships. We believe in living personal service, for our customers and for our communities. And we are no strangers to change. We acquired more than 40 companies in less than a decade, and pivoted sharply to reshape our business after the global recession in 2008. As always, I would like to thank our shareholders, customers and employees for their continuous support," said Sultan




 


Arab Times




  MENA News Headlines
 Oct 31 2014 - Saudi Arabia's Sedco Capital eyes $300m Europe real estate dealThe Peninsula
(MENAFN - The Peninsula)  Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg ...

 Oct 31 2014 - Qatar Exchange index falls on heavy sell-offThe Peninsula
(MENAFN - The Peninsula)  Qatari stocks plunged on heavy profit-taking yesterday, a day after Federal Reserve announced its decision to wound up its over five-year-long quantitative easing stimulus ...

 Oct 31 2014 - Kuwait prioritizes protection of human rights - EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The State of Kuwait on Thursday reaffirmed respect for human rights out of belief in their crucial role in the achievement of sustainable development.The Kuwaiti ...

 Oct 31 2014 - Kuwait welcomes Sweden's recognition of Palestinian statehoodKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Kuwait welcomes Sweden's decision to recognize Palestine as an independent state, a senior Foreign Ministry source said on Thursday.The decision comes in line ...

 Oct 31 2014 - Ban condemns Sudan hostilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  UN Secretary General Ban Ki-moon strongly condemned the resumption of hostilities between the Sudan People's Liberation Army (SPLA) and Opposition forces in ...

 Oct 31 2014 - US, Israeli officials discuss ISIL, IranKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Senior US officials working on the Obama Administration's counterterrorism strategy met with their Israeli counterparts on Thursday for the semi-annual meeting ...

 Oct 31 2014 - Kuwaiti Speaker condemns Israeli closing of Aqsa MosqueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  We condemn the unjustly Israeli act of closing the Holy Aqsa Mosque in the face of worshippers, Kuwait's National Assembly Speaker and Chairman of the Arab ...

 Oct 31 2014 - S. Korean Pres. calls for more economic ties with Saudi ArabiaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  South Korean President Park Geun-hye on Friday called for expanding economic ties with Saudi Arabia, saying the two countries should seek exchanges in new areas ...

 Oct 31 2014 - EU condemns ISIL atrocities in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The EU Friday expressed condolences to the families of the tribesmen who were killed in recent ISIL atrocities in the Anbar province, as well as to the families ...

 Oct 31 2014 - OPEC basket price down by 45 cents to USD 82.79 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))   OPEC daily basket price stood at USD 82.79 a barrel Thursday compared with USD 83.24 the previous day, the cartel said on Friday.The annual rate of the OPEC ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help