November 13 - Global forwarder Agility saw Q3 2014 revenues increase 3 percent year-on-year over the same period of 2013 to KWD337.09 million (USD1.16 billion), contributing to a net profit of KWD13.04 million (USD44.8 million) - up 8 percent.
For the first nine months of 2014, Agility reported a net profit of KWD37.14 million (USD127.59 million), an increase of 10 percent from the same period of 2013. Revenue for the same period was KWD993.06 million (USD3.41 billion), a 4 percent decrease year-over-year.
"Agility continues to grow the bottom line with all entities showing improvements in their financial performance. The Agility Global Integrated Logistics (GIL) business, our core commercial business, saw revenues contract because of the wind down of major project logistics contracts," said Tarek Sultan, Agility's chief executive officer.
"At the same time, we managed to improve net revenue margins by boosting commercial performance in other areas and realising gains in technology-driven transformation and productivity initiatives. Agility Infrastructure companies continue to grow, fueled by new opportunities in the Middle East and Africa," Sultan added.
Agility's GIL business revenue for the third quarter of 2014 was KWD267.80 million (USD920 million), representing a 4 percent decline from the same period last year. However, net revenues improved by 2.2 percent, with margins expanding from 21.8 percent in Q3 2013 to 23.34 percent in Q3 2014 driven by better performance of contract logistics, specifically in the Middle East.
Agility's Infrastructure companies contributed KWD69.39 million (USD238.38 million) to third quarter 2014 revenues, a 16 percent increase over Q3 2013. Agility Real Estate grew revenue by 11 percent during this quarter compared with the same period last year.
"Agility Infrastructure companies posted strong results this quarter and are expected to continue to grow through investments in emerging markets," Sultan said. "Agility sees Africa as a major opportunity for all of its business going forward."