Agility has announced strong quarterly financial figures for the three months ended March 31, 2016. Revenue grew 7.3% year-over-year to KWD*320.5m, with adjusted EBITDA growing 17.4% to KWD30.8m and net profit growing 11.1% to KWD14.6m.
Revenue in its Global Integrated Logistics segment (GIL), grew 6.5% year-over-year to KWD240.3m. This was due to growth in air and ocean freight volumes of 16% and 12.5% respectively. However, GIL EBITDA fell by 12% year-over-year. Agility said this was due to increased currency fluctuations, ongoing investments in technology development and increased investment in its core markets and verticals.
Further growth was provided by its infrastructure groups. Revenue was up 8.6% year-over-year, whilst EBITDA in this segment was 24.1% higher. According to Agility, this helped produce overall double-digit increases in EBITDA for the fifth consecutive quarter. Agility Real Estate, its industrial real estate business; and Tristar, its integrated liquid logistics company; were two of the largest contributors to these growth rates.
Tarek Sultan, Agility Vice Chairman and CEO, said of the results, “Our performance has been driven by strong growth in our Infrastructure companies in emerging markets and by the steady progress we have made in improving the underlying fundamentals of our commercial logistics business.”
Source: Agility
*€ =KWD0.32/$=KWD0.30
