Q1 to Q3-2018 profit increased 19.7% to KD 58.9mn
Kuwait-headquartered global logistics provider Agility reported third-quarter net profit of (Kuwaiti Dinar) KD 20mn, an increase of 12.3% over the same period in 2017. Agility EBITDA (earnings before interest, tax, depreciation and amortization) grew 14.8% to KD 39.2mn. Revenue increased 10% to KD 394.4mn.
For the first nine months of the year, net profit increased 19.7% to KD 58.9mn. EBITDA was KD 114mn, an increase of 16.9%. Revenue for this period was KD 1,150.4mn, an increase of 12.7%.
“Our third-quarter results build on the momentum Agility has achieved throughout 2018,” said Tarek Sultan, Agility Vice Chairman and CEO.
“We have seen double-digit EBITDA growth in our logistics business and across our portfolio of subsidiary companies. The company continues to track towards its goal of $800mn EBITDA by 2020 and its objective of becoming the digital leader in the logistics industry,” he added.
Agility Global Integrated Logistics (GIL)
GIL gross revenue rose to KD 292.2mn, an increase of 7% vs. Q3-2017. Net revenue grew 5.1%, reaching KD 64.8mn. The net revenue increase was driven mainly by Air Freight (up 15.6%) and Contract Logistics (up 6.4%).
The sources of GIL’s continued near-term growth remain its ability to use digital technology and data to enhance its productivity and develop insights and answers for customers needing solutions and better connectivity. GIL remains focused on core drivers of its profitability.
Agility Logistics Parks (ALP), previously Industrial Real Estate, reported 4.8% revenue growth in the third quarter, despite challenging market conditions. In Kuwait, ALP’s focus is driving the efficiency of the existing assets.
In the Saudi Arabian capital Riyadh, ALP has started delivering warehousing space and is on track with the development of the second phase of its logistics park, which will deliver an additional 120,000 sqm capacity.
ALP development in Africa is proceeding well. In addition to Ghana operations, facilities in Mozambique, Nigeria and Cote d’Ivoire are expected to become operational in 2019.
