Agility’s Financial Results for Q2, 2013
Second Quarter 2013 Results
Agility (AGLTY) today announced financial results for the second quarter of 2013. The company reported a net profit of KD 11.5 million for the second quarter of 2013, and Earnings per Share (EPS) of 11.03 fils, up 50% over the same period last year. Revenues and EBITDA stand at KD 355.2 million and KD 23.7 million, respectively, up 2% and 26% over Q2 of 2012.
“Agility remains on a healthy growth trajectory in spite of renewed uncertainty about the health of the global economy,” said Tarek Sultan, Chairman and Managing Director of Agility. “Our core commercial logistics business continues to drive improvements in productivity and efficiency that have enabled it to weather slowing trade volume and weakness in key regions. At the same time, our Infrastructure group of companies is generating solid growth.”
Agility Global Integrated Logistics (GIL)
Revenues in Agility’s core Global Integrated Logistics (GIL) business and despite ongoing challenges in the global economy were slightly higher than the same quarter a year earlier.
During the second quarter, Agility GIL was able to expand its operations by expanding business with existing customers and winning contracts with new customers.
“GIL has maintained financial discipline and taken a strategic approach to growth by concentrating on global accounts and strategic trade lanes,” Sultan said. “GIL is working towards being an even more efficient, productive and customer-focused business; Moreover, GIL’s competitive advantage lies its strong platform in emerging markets, which continue to drive global growth.”
Agility Infrastructure
Agility's Infrastructure group contributed KD 59.1 million to total revenue in Q2 of 2013. For the first six months, revenues increased 9% compared with the same period last year.
Agility’s Real Estate business, the most significant financial contributor among the Infrastructure group of companies, improved its revenues by 14% relative to Q2 of 2012.
Companies in the Infrastructure group continue to show healthy and profitable growth.
Recapping Financial Performance
- Net profit is KD 11.5 million in the second quarter of 2013, as compared with KD 7.7 million for Q2 2012. Earnings per Share were 11.03 fils in Q2, compared with an EPS of 7.33 fils in Q2 2012.
- EBITDA was KD 23.7 million for the second quarter of 2013, an increase of 26% from same period a year earlier.
- Operating expenses decreased by 2% in this quarter, vs the same period last year.
- Agility’s revenues in Q2 2013 were KD 355.2 million, a 2% increase over Q2 2012.
- Agility Global Integrated Logistics (GIL) revenue in Q2 2013 reached KD 298.1 million, a 1% increase from same period in 2012
- Agility's Infrastructure companies contributed KD 59.1 million to total revenue in Q2 2013, an increase of 1%.
- Operating cash flow and free cash flow generated during Q2 were KD 8.5 million and KD 2.3 million, respectively.