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 23 2014 - Kuwait- Equates wins two regional sustainability awardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's EQUATE Petrochemical Company has won two regional sustainability awards in recognition for its social responsibility and national cadres' skills ...

 Oct 23 2014 - Moroccan horse showThe Peninsula
(MENAFN - The Peninsula) Moroccan horsemen perform during the 7th edition of the "Salon du Cheval" (horse show) in the port city of El Jadida. ...

 Oct 23 2014 - Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3MENAFN
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same ...

 Oct 23 2014 - Qatar- Lekhwiya defeat Al Wakra, Wolves heldThe Peninsula
(MENAFN - The Peninsula) Lekhwiya defeated Al Wakra 2-0 at their home ground here yesterday while Al Sadd were held 1-1 by Al Sailiya.Vadimir Weiss scored in the 68th minute for Lekhwiya and Ahmed ...

 Oct 23 2014 - Ooredoo Kuwait net profit falls by almost half in Q3MENAFN
(MENAFN) Ooredoo Kuwait, the country's No.3 telecom operator by subscribers, announced that its net profit fell by nearly half during the July-September period, Gulf Business reported.The ...

 Oct 23 2014 - Coach asks Qatar to give it all against DPR KoreaThe Peninsula
(MENAFN - The Peninsula) Qatar's coach Felix Sanchez Bas has called on his players to give their all one-last time ahead of today's AFC U-19 Championship final against three-time winners DPR Korea. ...

 Oct 23 2014 - Qatar- Handball: Doha gears up for Asian Club LeagueThe Peninsula
(MENAFN - The Peninsula) Defending champions Al Jaish - thanks to the draw - have managed to avoid a meeting with local opponents Lekhwiya and Al Gharafa in the group stage of the 17th Asian Clubs ...

 Oct 23 2014 - QIMC posts USD38.88m net profit in SeptemberMENAFN
(MENAFN) Qatar Industrial Manufacturing Company (QIMC) revealed the interim financial statements for the period ending in September 30, this year, QNA reported.The interim financial statements ...

 Oct 23 2014 - Qatar will deliver an impressive 2022 World Cup, says BrescianoThe Peninsula
(MENAFN - The Peninsula) Australian midfielder Mark Bresciano is confident that Qatar will deliver an 'impressive' World Cup eight years down the line.Bresciano, who has been playing for the last two ...

 Oct 23 2014 - Qatar- QP hosts team from Kuwait Oil CompanyThe Peninsula
(MENAFN - The Peninsula) Qatar Petroleum (QP) recently hosted a delegation from Kuwait Oil Company (KOC) who visited Qatar to gain insights on QP's marine activities and port operations.Mubarak ...

more...


 






Google

Click to Apply

 
 

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