March 30 - Kuwait headquartered logistics services provider Agility posted a net profit of KD50.84 million (USD169.19 million) for its full financial year 2014 - a 10 percent year-on-year improvement over 2013.
Revenues for FY2014 totaled KD1.36 billion (USD4.53 billion) - down 1 percent over 2013 levels - although earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 6 percent year-on-year to KD99.97 million (USD332.68 million).
Commenting on the results, Tarek Sultan, Agility's vice chairman and ceo, said: "Agility has steadily grown bottom-line profitability across its various business entities over the last three years."
Agility's Global Integrated Logistics (GIL) division reported a 6 percent year-on-year drop in revenues for 2014 of KD1.06 billion (USD3.53 billion), reflecting both general economic volatility and the winding down of major project logistics contracts held by Agility in countries like Australia and Papua New Guinea.
However, the GIL division's net revenue for FY 2014 was up by 1 percent, while margins expanded from 21.8 percent in 2013 to 23.4 percent in 2014. Continued growth in contract logistics across the Middle East and Asia, in addition to improvements in airfreight yields during 2014, helped to offset margin pressure on the ocean freight side of the business.
In 2014, Agility's infrastructure group of companies saw revenues increase by 18 percent to KD302.90 million (USD1 billion), when compared with previous financial year.
For both sides of the Agility business, Africa will be a key focus for the future. The GIL arm has operational capacity in 11 African countries and is planning to expand further. Meanwhile, Agility's project logistics division has a wealth of experience in serving West Africa's oil and gas industry, said a statement.