Agility Q1 profit see year on year increase
Slight drop in revenue mitigated by several factors including better procurement in freight business.
May 14, 2014
Agility today announced its financial results for the first quarter of 2014, reporting a net profit of KD 11.24 million (US$39.89 million), an increase of 11 per cent compared to the first quarter of 2013. Earnings-per-share stand at 10.77 fils. Revenues for the first quarter stand at KD 314.28 million (US$1.11 billion), an 11 per cent decrease compared to the same period last year. EBITDA stands at KD 22.48 million, a four per cent increase compared to Q1 of 2013.
Revenue for Agility Global Integrated Logistics (GIL) for the First quarter of 2014 was KD 253.30 million (US$899.11 billion), a decrease of 15 per cent from Q1 2013. The drop in revenue is attributable to several factors, including difficult market conditions that have led to rate deterioration despite volume increases.
The drop was partially mitigated by better procurement in the freight business, which led to margin expansion from 21 per cent in Q1 2013 to 23 per cent in this quarter.
GIL’s priority areas of focus remain consistent. First, is to continue to drive commercial improvement across its global accounts and field sales, product performance, and specialty businesses. Second, is to transform the underlying business through ongoing technology, process and management improvements. Third, is to maintain financial discipline and a lean and agile structure that is in line with business needs.