Latest news from Heavy Lift & Project Forwarding International Magazine

Agility refocuses to combat profit decline

May 19 - According to chairman Tarek Sultan, Agility will increasingly focus on its Global Integrated Logistics (GIL) division in the face of declining profitability over the course of the next four quarters.

A company statement said that profitability is declining as a result of major US government contracts winding down in Iraq, recovery from the global recession, and the financial impact of the legal dispute with the US government. 

Overall, net profit for 2009 was KD 156.4 million (USD 537.6), up 10.6 percent over 2008 levels. Agility said that this slight increase was due to several factors including new revenue and profits from network expansion into Brazil, Mexico, as well as new government contracts outside the Middle East

For the first quarter 2010 overall revenue is KD 403 million (USD 1385), a decline of KD 67.7 million (USD 232.7) or 14.4 percent compared to Q4 2009. Revenue in Q1 2010 is KD 403 million. 

GIL revenue decreased by 5.8 percent or KD 17.4 million (USD 58.4) in Q1 of 2010 when compared to Q4 of 2009. GIL revenues now stand at KD 279.4 million (USD 960.4). This is primarily due to typical seasonality witnessed in commercial logistics when comparing fourth quarter revenues to the current quarter. Nevertheless, underlying business in GIL has grown compared to Q1 2009. Revenues compared to Q1 2009 are 14 percent higher. 

Agillity said that, realistically, 2010 will be a year of transition and the company is likely to face declining profitability over the course of the next four quarters. 

The relative importance of the GIL business has grown in the face of uncertainty around DGS. GIL will continue to focus on growth centered around a tradelane development program and on growing business with global accounts., whilst controlling overhead costs, maximising returns on assets, and managing cash.

Heavy Lift | News

Modulift performs locomotive lift thumbnail image

Modulift performs locomotive lift

May 24 - Modulift has provided equipment to lift a steam locomotive, built in 1926, on behalf of Swanage Railway, a tourist attraction in the UK.
Views: 441
Fesco and RZD team up to link Europe and Asia thumbnail image

Fesco and RZD team up to link Europe and Asia

May 24 - Fesco Transportation Group and Russian Railways Logistics (RZD Logistics) are launching a Trans-Siberian multimodal service to expedite the delivery of goods from Japan to Europe via Russia.
Views: 573
USA ends steel and aluminium tariffs on Canada and Mexico thumbnail image

USA ends steel and aluminium tariffs on Canada and Mexico

May 24 - The USA is removing steel and aluminium tariffs imposed on Canada and Mexico under Section 232 of the Trade Expansion Act of 1962, with all retaliatory tariffs on US goods and any pending litigation also coming to an end.
Views: 502
POSH to launch maritime training centre in Taiwan thumbnail image

POSH to launch maritime training centre in Taiwan

May 24 - POSH Kerry Renewables – a joint venture of PACC Offshore Services Holding (POSH) and Kerry TJ Logistics – has signed a memorandum of understanding (MoU) to develop Taiwan’s first specialised maritime training centre. 
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