KUWAIT CITY – May 16, 2012 - Agility (AGLTY), a leading global logistics provider, today announced its first quarter financial results for 2012. The company reported a net profit of KD 7.1 million for the first quarter of 2012, and Earnings Per Share (EPS) of 7.1 fils. Revenues and EBITDA stand at KD 321.8 million and KD 16.1 million respectively.
“2011 was the first year that we began reporting our numbers excluding defense and government contracts. Relative to this baseline, 2012 has started off on the right track,” said Tarek Sultan, Agility’s Chairman and Managing Director. “EBITDA adjusted for one-off impacts show a 41% improvement relative to the same period last year.”
“We are pushing forward with the initiatives already started last year – reinvigorating our focus on our customers, from global accounts to our SME business, continuing to push ahead with transforming our business and improving productivity through technology, completing some “fixes” to non-performing entities, and maintaining financial discipline, cost and cash management throughout the business,” said Sultan.
Financial Highlights - Quarterly Results
Q1 2012 v Q1 2011 (%)
Figures in the table above have been rounded
Agility’s Core Business: Global Integrated Logistics
Revenues in Agility’s core Global Integrated Logistics (GIL) business increased by 1% in Q1 of 2012 relative to the same quarter last year. GIL’s strategy is focused on growth through product and sales strategy, transformation to drive productivity gains and customer service improvements in the business, and financial discipline with careful management of cost, cash, and working capital.
GIL continues to be the main driver behind Agility’s growth, and is differentiated by its leading position in emerging markets in the Middle East, Asia, Eastern Europe, and increasingly Latin America and Africa.
Agility's Infrastructure group contributed KD 47.6 million to total revenue in Q1 of 2012. Agility’s Real Estate business remains the main contributor to revenues of the Infrastructure group, growing 14% in Q1 of 2012 relative to Q1 of 2011. Other Agility Infrastructure businesses have also shown continued growth compared to last year.
Recapping Financial Performance
· Net profit is KD 7.1 million in the first quarter of 2012, as compared to KD 7.7 million for Q1 2011. This results in Earnings Per Share of 7.1 fils for this quarter, compared to an EPS of 7.7 fils in Q1 2011.
· EBITDA stands at KD 16.1 million for the first quarter of 2012. Adjusting for one off impacts, EBITDA grew by 41% from KD 10.9 million to KD 15.4 million.
· Staff costs decreased by 9% and total SG&A decreased by 2.6%, compared to Q1 2011.
· Agility’s revenue in the first quarter of 2012 stands at KD 321.8 million, a 1% increase over Q1 of 2011.
· Agility Global Integrated Logistics (GIL) revenue in Q1 of 2012 stands at KD 278.4 million, a 1% increase from same period last year.
· Agility's Infrastructure group contributed KD 47.6 million to total revenue in Q1 of 2012.
· Operating cash flow stands at KD 21 million and free cash flow of KD 15 million.
“We have worked hard to restructure the business in the last two years, and as a result, we are today a strong and stable company – more streamlined, efficient, and competitive. Although we still have work ahead to complete the turnaround in our commercial business, I am confident that we are focusing on the right priorities. I also believe in the company’s workforce – they have been a critical part of our success, and are foundational to our future,” said Tarek Sultan.
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with $4.8 billion in revenue and more than 20,000 employees in 480 offices across 100 countries.
Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions to meet traditional and complex customer needs. GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, remote infrastructure and life support.
For more information about Agility, visit www.agilitylogistics.com.