Agility has announced its Q2 2016 results, reporting revenues of KWD309m for the three months ended June 30. EBITDA for the same period stood at KWD29m. The figures represent a fall of 6% and rise of 12% respectively on the same three-month period in 2015.
The figures mean Agility’s six month revenues stood at KWD607m, representing a fall of 6% on 2015’s results for the same period. Conversely, EBITDA saw a year-on-year increase of 12% to KWD55m. Accordingly, the company’s margin stood at 9%, representing an increase of 1.5 percentage points compared with 2015’s half year margin.
“We started the year on a good note and are sustaining this momentum as the year progresses. Within our Global Integrated Logistics business, we are making gains even in the face of a challenging freight forwarding market because we have found ways to be more efficient, improve productivity, demonstrate financial discipline and make operations more responsive to the marketplace and customers’ needs,” said Tarek Sultan, Agility’s CEO. “Companies in the Agility Infrastructure group continue to grow as we tap into excellent opportunities in emerging markets and focus on improving efficiency across the board.”
Revenue for Agility Global Integrated Logistics (GIL) for Q2 of 2016 stood at KWD233m, marking a 10% decrease from Q2 of 2015. According to the company, this was mainly due to low shipping and fuel rates in the market. Net revenue remained flat when adjusted at constant currency rates, with margins expanding from 25% in Q2 2015 to 27% in Q2 2016.
Agility’s Infrastructure companies contributed KWD80m to Q2 2016 revenues, representing a 12% increase compared to 2015. Net revenues for the infrastructure group of companies showed an 8% increase compared with the same period last year. Growth in the division was driven by new projects, as well as efficiency and productivity improvements.
Sultan concluded, “Although the external market environment continues to be a challenge, particularly to our commercial logistics business, we are continuing to improve our financial performance by growing our Infrastructure portfolio of companies and simultaneously driving transformation of our GIL business”.