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Agility Q1 profit up 10.9pc to US$43.4 million as sales fall 6.1pc
KUWAITI global logistics giant Agility first quarter net profit increased 10.9 per cent year on year to KWD13.1 million (US$43.4 million), drawn on revenues of KWD225.8 million, down 6.1 per cent.
"Agility started the year on a good note. Despite challenging market conditions in the eurozone, China and the Middle East, efforts to define a clearer strategy and improve execution are paying off," said Agility CEO Tarek Sultan.
"There were two major drivers for net revenue improvement this quarter. First, continued growth in contract logistics. Agility has a strong contract logistics footprint in the Middle East, Asia Pacific that is serving growing consumer demand in these markets. Second, improved yields in the freight forwarding business, Mr Sultan said.
Agility's infrastructure companies contributed KWD75.4 million to first quarter 2016 revenues, a 4.4 per cent increase year on year.
The companies provide a broad spectrum of logistics-related services including: bulk fuel storage and transport, industrial real estate; airport and ground handling services; and commercial real estate and facilities management.
EBITDA stood at KWD26.2 million, a 12.1 per cent increase from the same period a year before.
"Our longer-term target is to reach an EBITDA of US$800 million by 2020. We have a demanding road ahead to achieve this target, but have also defined a clear strategy and roadmap to meet this goal," Mr Sultan said.
"We continue to improve our financial performance by focusing on growing our infrastructure portfolio of companies and simultaneously driving transformation of our core commercial logistics business," he said.
Agility, a leading global provider of integrated logistics, is a publicly traded company with $4.3 billion in annual revenue and 22,000 employees in 500 offices in 100 countries.
"Agility started the year on a good note. Despite challenging market conditions in the eurozone, China and the Middle East, efforts to define a clearer strategy and improve execution are paying off," said Agility CEO Tarek Sultan.
"There were two major drivers for net revenue improvement this quarter. First, continued growth in contract logistics. Agility has a strong contract logistics footprint in the Middle East, Asia Pacific that is serving growing consumer demand in these markets. Second, improved yields in the freight forwarding business, Mr Sultan said.
Agility's infrastructure companies contributed KWD75.4 million to first quarter 2016 revenues, a 4.4 per cent increase year on year.
The companies provide a broad spectrum of logistics-related services including: bulk fuel storage and transport, industrial real estate; airport and ground handling services; and commercial real estate and facilities management.
EBITDA stood at KWD26.2 million, a 12.1 per cent increase from the same period a year before.
"Our longer-term target is to reach an EBITDA of US$800 million by 2020. We have a demanding road ahead to achieve this target, but have also defined a clear strategy and roadmap to meet this goal," Mr Sultan said.
"We continue to improve our financial performance by focusing on growing our infrastructure portfolio of companies and simultaneously driving transformation of our core commercial logistics business," he said.
Agility, a leading global provider of integrated logistics, is a publicly traded company with $4.3 billion in annual revenue and 22,000 employees in 500 offices in 100 countries.
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