Agility (AGLTY) has announced financial results for the third quarter of 2013. The company reported a net profit of KD 12.1 million for the third quarter of 2013, and Earnings per Share (EPS) of 11.62 fils, up 26% over the same period last year. Revenues and EBITDA stand at KD 326.7 million and KD 23.6 million respectively.
For the nine month period ended September 30, 2013, the company reported a net profit of KD 33.8 million a 40% increase from same period last year. Revenues remained flat compared to the first nine months of 2012, but EBITDA improved by 23% standing at KD 68.9 million.
“We continue to make steady progress in improving the bottom line, by controlling costs and improving productivity across our business. That said, the slowdown in the global economy impacted our revenues however, yet we were still able to report better on the net revenues level. Our infrastructure group is showing good progress and we are excited about our most recent wins.”
We cannot control the market, but we can control our productivity and efficiency. Our focus will continue to be on staying agile to adapt to changing market conditions, while driving steady improvement in our core business,” said Tarek Sultan.
Agility Global Integrated Logistics (GIL)
Agility Global Integrated Logistics (GIL) revenues are KD 267.1 million, down 9% compared to the same quarter last year. Revenues have dropped as a result of the Global environment and the challenging trade conditions compared to the same period last year. However, despite this fact, we were able to maintain the same level of net revenues. GIL’s net revenue margins this quarter improved to 23% up from 21% in Q3 2012.
Agility GIL has maintained financial discipline, and continues to drive a major transformation effort to boost productivity and improve customer service.
Agility’s Infrastructure group contributed KD 61.3 million to total revenue in Q3 of 2013. The group’s NR has improved by 8% compared to same period last year.
Agility’s Real Estate business, the most significant financial contributor among the Infrastructure group of companies, improved its revenues by 12% relative to Q3 of 2012. Tristar, the second biggest contributor to the Infrastructure group, is also showing promising growth potential after securing new business wins. Other entities within the Infrastructure group also continue to show healthy growth.
Recapping Financial Performance
• Net profit is KD 12.1 million in the third quarter of 2013, a 26% increase over Q3, 2012. Earnings per Share were 11.62 fils in Q3, compared with an EPS of 9.20 fils in Q3 2012.
• EBITDA was KD 23.6 million for the third quarter of 2013, an increase of 10% from the same period a year earlier.
• Agility’s revenues in Q3 2013 were KD 326.7 million, a 10% decrease over Q3 2012. Net revenues stand at KD 94.3 million a 2% increase from Q3 2012.
• Agility Global Integrated Logistics (GIL) Net revenues in Q3, 2013 reached KD 61.1 million in line with the same period in 2012.
• Agility’s Infrastructure companies’ net revenue stood at KD 33.8 million in Q3 2013 an increase of 8% over Q3, 2012.
• Operating cash flow and free cash flow generated during Q3 were KD 18.3 million and KD 14.1 million, respectively.
“The nature of our business is closely tied to world trade flows. Global economic growth continues to be sluggish. Our focus will continue to be on remaining flexible and responsive to changing market conditions, on holding costs steady and maintaining financial discipline, while continuing to transform and improve our underlying business,” said Sultan. “We thank our customers for their custom, our employees for their commitment, and our shareholders for their faith in us. We are continuing to make steady progress through, with, and for you.”