August 11 - Agility posted a net profit of KD12.9 million (USD45.5 million) for the second quarter of 2014, an increase of 12 percent compared with the same period of 2013.
However, revenues for the period stood at KD341.7 million (USD1.2 billion), a 4 percent decrease compared with the second quarter of 2013. EBITDA increased by 6 percent year-on-year to KD25.1 million (USD88.5 million).
Furthermore, for the first half of 2014, Agility reported a net profit of KD24.1 million (USD85.05 million), an increase of 11 percent compared to the same period in 2013.
"Agility continues to improve its financial performance, increasing profitability by 12 percent in the second quarter despite ongoing sluggishness in the global economy and in demand for logistics services," said Tarek Sultan, chief executive officer of Agility.
Revenue for Agility Global Integrated Logistics (GIL) for the second quarter of 2014 was KD270.7 million (USD955.4 million), a decrease of 7 percent from the same period in 2013, which Agility says was a result of challenging market conditions that affected its core freight forwarding business.
GIL's net revenue margins expanded to 24 percent in the second quarter of 2014 from 21 percent in 2013, which the company claims was a result of good performance in contract logistics, as well as good procurement efforts in its airfreight business. Margin pressure within ocean freight is still continuing, said Agility.