First quarter revenues KD 378.8mn; EBITDA KD 46.3mn
Kuwait headquartered global logistics provider Agility recently reported first quarter earnings of KD 20.3mn, an increase of 7.3% from Q1-2018. First-quarter revenue was KD 378.8mn, and EBITDA was KD 46.3mn, increases of 1.9% and 22.8%, respectively.
“Agility has seen good improvement across the board in the first quarter of this year and we are accelerating our efforts to achieve our targets,” commented Tarek Sultan, Vice Chairman and CEO, Agility.
Agility Global Integrated Logistics (GIL)
Agility GIL reported Q1-2019 EBITDA of KD 6.8mn, a 9% decrease compared to the same period a year earlier, the drop is attributable to costs associated with GIL’s digital transformation and commercial investments.
Q1-2019 GIL revenue was affected by currency fluctuations. Net revenue increased to KD 65.4mn, a 1.2% increase over corresponding Q1-2018 figures. The net revenue increase was driven primarily by Ocean Freight and Contract Logistics, offsetting decreases in Project Logistics and Road Freight.
Air Freight tonnage grew 5.2% in Q1-2019. Ocean Freight net revenue performance was driven primarily by yield improvement and TEU growth of 2.3%.
Q1-2019 Contract Logistics performance was strong, with revenue growth of 3.6%. The Middle East/Africa region (mainly Kuwait, UAE and Egypt) was the key driver of growth and improved margins.
Agility’s Infrastructure Companies
Agility Logistics Parks (ALP) reported 23% revenue growth for the quarter, an increase that resulted from strong performance at new facilities completed in late 2018, as well as yield improvement at existing facilities. ALP expects to deliver 150K sqm of warehousing space this year, mainly in Saudi Arabia and Africa. It expects to begin construction of another 275K sqm of warehousing space to be delivered in 2020/21.
Tristar, a fully integrated liquid logistics company, posted 13.3% revenue growth in Q1-2019, the main drivers for this growth are road transport and warehousing operations, in addition to the shipping business.
