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-   Net profits for the third quarter of 2009 increased by 15% to KD 40.5 million, and earnings per share increased by 19% to Fils 40.33, compared to Q3 2008
-   Operating profits increased 5% to KD 43 million, over the same period last year
-   Revenues for the third quarter of 2009 decreased 11% to KD 413.5 million, over the third quarter of last year
-   Continued strong balance sheet and net debt position of KD 39 million, with cash from operations standing at KD 188.5 million, showing a growth of 28.7% compared to the previous period.

( KUWAIT -- November 11, 2009) - Agility (AGLTY) today reported continued profitability for the third quarter of 2009, despite the ongoing global economic crisis.

The company; with its focus on cash optimization, capital allocation, and cost rationalization was able to report a healthy net income of KD 40.5 million, an increase of 15%, compared to the third quarter of 2008. Earnings Per Share stand at 40.33 Fils, a 19% increase over the same period last year.

Adjusted for non-recurring items, Agility’s Q3 2009 net profit stands at KD 44 million, a 25% increase over the third quarter of last year, and Earnings Per Share have grown 28% to 43.7 Fils.

Gross revenue decreased by 11% to KD 413.5 million compared with Q3 of 2008. However, net revenue increased by 0.42% to KD 156.3 million compared with the same period last year.

Agility also continues to demonstrate a strong balance sheet. Agility’s net debt position is KD 39 million. Cash from operations stand at KD 188.5 million, showing a growth of 28.7% compared to the previous period.

“Agility’s “strategic controller” business model is yielding results,” said Tarek Sultan , Chairman and Managing Director of Agility. “Dividing Agility into three independently-managed business groups has seen more focus and clearer financial accountabilities within each group. However, at the same time, Agility’s business groups are able to work together to offer customers unique capabilities that make a real difference.”

For the 9 months of 2009

Gross revenue decreased by 10% to KD 1.2 billion compared with the 9 months of 2008. However, net revenue increased by 1% to KD 467 million compared with the same period last year.

Net income for the first 9 months was KD 115.5 million, an increase of 7%, compared to the nine months of 2008. Earnings Per Share stands at 115.33 Fils, a 10% increase over the same period last year.

Adjusted for non-recurring items, Agility’s nine month 2009 net profit stands at KD 121.4 million, a 22% increase over the nine months of last year, and Earnings Per Share have grown 25.5% to 121.14 Fils.

Global Integrated Logistics

Agility Global Integrated Logistics (GIL) reported revenues of KD 218.5 million, a decline of 21% compared to the third quarter of 2008. Net revenue stands at KD 79.6 million, a 0.75% increase compared to the third quarter of 2008. However, GIL net revenue margin stood at 36% compared to a margin of 28% in Q3 of 2008.

GIL continues to make progress against its three strategic imperatives of growth, performance, and innovation. In the third quarter of 2009, GIL has seen significant customer wins with Nokia Siemens, Pfizer, Adelaide Aqua, as well as a KD 2.88 million ($10 million) contract with Ras Gas Limited in Qatar . Internal transformation efforts focused on IT modernization and leadership development programs have also been an area of continued investment.

Defense and Government Services

Agility Defense and Government Services (DGS) reported revenue of KD 178.4 million, an increase of 4% compared to the third quarter of 2008. Net revenue stands at KD 58 million, a 2% increase compared to the third quarter of 2008. Net revenue margin stands at 32%, which is almost flat compared to a margin of 33% in Q3 2008. 

DGS continues to make progress against its three strategic imperatives of growth, diversification, and excellence in execution. In the third quarter of 2009, DGS has grown its revenue through a number of contract wins, such as LOGCAP IV Task Order in Southern Afghanistan estimated at KD 185.3 million ($643.5 million) for the one year base period. DGS has also reported the successful renewal of major contracts, such as Heavy Lift VI one year extension estimated at KD 26.2 million ($91 million) and one-year option for Defense Depot Kuwait-South (DDKS) Asia contract estimated at KD 12 million  ($42 million).

Infrastructure

Agility’s Infrastructure group reported healthy revenue of KD 16.65 million which is almost flat compared to Q3 2008.

“We continue to feel optimistic about the company’s direction,” said Sultan. “Our government business and emerging markets platform have been important hedges against the global recession, and our internal transformation efforts are yielding bottom line results. With the market showing some positive indicators, coupled with our commitment to continue to aggressively manage cost, cash, and capital, we feel that we are well positioned for the future.”