Agility has announced its financial results for the third quarter of 2014. It reported revenue of KD337.09m, a 3% increase year-on-year. The company also recorded EBITDA of KD25.50m, which represented an increase of 8% over the third quarter of 2013. Accordingly Agility’s margin stood at 7.56%.
“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. At the same time, we managed to improve net revenue margins by boosting commercial performance in other areas and realizing gains in technology-driven transformation and productivity initiatives. Agility Infrastructure companies continue to grow, fuelled by new opportunities in the Middle East and Africa,” said Tarek Sultan, Agility’s Chief Executive Officer.
GIL revenue for the third quarter of 2014 was KD267.80m, a 4% decline from the same period of 2013. However, the division’s net revenues have improved by 2.2%, with margins expanding from 21.8% in Q3 2013 to 23.34% in Q3 2014 driven by the better performance of contract logistics particulary in the Middle East.
Agility’s Infrastructure companies contributed KD69.39m to third quarter 2014 revenues, a 16% increase over Q3 2013. Agility Real Estate grew revenue by 11% over the quarter compared with the same period of 2013.
“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.”
The increase in revenue for the division was largely attributed to the winning of two large contracts and an investment agreement. The first contract was a $250m concession won by Agility’s National Aviation Services for ground handling at Port Bouet Airport in Ivory Coast. The second was an $82.5m contract awarded by UK Ministry of Defense to Agility DGS for the management of household moves for the UK forces and Ministry of Defense personnel. The investment agreement was with United Projects for Aviation Services to develop a commercial mall in Abu Dhabi, UAE.
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