The integrated logistics provider posted net profits of 13.7 million Kuwaiti Dinars on revenues of 335 million Kuwaiti Dinars for the third quarter of 2015.
Agility posted net profits of 13.7 million Kuwaiti Dinars (U.S. $45.1 million) for the third quarter of 2015, a 5 percent increase from the third quarter of 2014.
Combined revenues for the quarter fell 1 percent year-over-year to KD 335 million, Agility said.
The integrated logistics provider’s earnings before interest, taxes, debt and amortization stood at KD 24.4 million for the quarter, a 4 percent decline from the third quarter of 2014. Agility’s Global Integrated Logistics (GIL) business unit posted revenues of KD 248.2 million, a 3 percent year-over-year drop on a constant currency basis. The decline resulted from softening air freight volumes. However, ocean freight, contract logistics, chemicals and fairs and events continued to grow.
“GIL’s road map remains consistent,” Agility CEO Tarek Sultan said in a statement. “First, continue to drive commercial improvement through a tradelane and sales force management approach. Second, continue transforming the underlying business through ongoing technology, process and management improvements. Third, maintain financial discipline and a lean and agile structure that is in-line with business needs,” Sultan said.
Agility’s Infrastructure Group posted revenues of KD 86.8 million for the third quarter, a 25 percent increase from the third quarter of 2014.
“As the Global economic performance remains to be challenging for the industry, Agility chooses to focus on factors that can be controlled, such as our strategic investment choices, and the countries, verticals and products with long-term potential,” Sultan said. “We remain committed to internal transformation because we know we make gains in productivity and operate more efficiently if we make smart use of technology, re-engineer our processes, and demonstrate that we understand our customers.”
Agility posts mixed Q3 results
