Kuwaiti Agility posts KD12.9m profits in Q2

August 11, 2014 - 12:00:00 am

Kuwait City:  Kuwaiti Agility company has realised a net profit of KD12.9m ($45.58m) in the second quarter of 2014, marking a rise of 12 percent compared to the responding period in 2013, the company said. Earnings-per-share hit 11.7 fils.

Announcing the company’s financial results, Agility said revenues for the three months stand at KD341.7m, a decrease of 4 percent compared to the same period last year. Earnings before interest, taxes, depreciation, and amortisation stand at KD25.1m, a 6 percent increase compared to Q2 of 2013, it said in a press release.

Agility’s net profits for the first six months of the year reached KD24.1m, 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,” (KUNA) quoted Agility’s CEO Tarek Sultan as saying.

Revenues for Agility Global Integrated Logistics (GIL) for the second quarter of 2014 was KD270.7m, 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 Q2 of 2014, compared to 21 percent 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.