Agility (KSE: AGLT.KW DFM: WARE] today reported its financial results for the second quarter ended 30 June 2008. The earnings per share, after adjusting the 2007 stock dividends were Kuwaiti Fils 33.80 compared to 36.85 Fils per share in 2007.
“The second quarter of 2008 has continued to be inline with our expectations,” said Ehab Aziz, Group Chief Financial Officer for Agility.
Agility Second-Quarter 2008 Consolidated Financial Highlights
Agility’s total gross revenue for 2008 increased by 10.5 per cent from KD 418.2 million in 2007 to KD 462.06 million
The net revenues compared to the same period last year, went up by 8.9 per cent from KD 149.8 million to KD 163.06 million
The company’s operating profit of KD 40.72 million reached KD 43.6 million down 6.6 per cent from the previous year
Net profit reported were KD 35.13 million in comparison to KD 38.6 million from 2007
Aziz explained: “Our integration and optimization plan, following a period of massive and exponential growth, is progressing very well. Despite the challenging and the uncertain economic and business environment, we are confident that we are very well positioned to continue to grow and create value to our shareholders”
He added: “In the Middle East we continue to maintain our position as a leader in logistics and distribution. Our strong global positioning and reach into the local markets, especially in the rapidly expanding emerging markets, assures us solid sustainability and increased development. With our customer-focus, flexibility and the ability to enter challenging or specialized markets, we have a positive outlook for the future.”
During this quarter Agility announced the acquisition of 71 per cent stake in the Denmark based forwarder CF GeoLogistics thereby increasing its total interest in the company to 100 per cent. The acquisition of Kenya based forwarder Star freight Logistics and the French forwarding company Medgroup was also completed. With the Medgroup acquisition Agility now has a larger presence in France and has successfully forayed into Algeria.
About Agility
Agility is a leading emerging market multinational with more than 32,000 employees, and over 550 offices in 100 countries around the world. A publicly traded company, with over $6 billion in annual revenue, we have three key business groups - Global Integrated Logistics (GIL), Defense & Government Services (DGS) and Investments. Agility GIL is our commercial division, providing integrated logistics solutions to customers spanning a range of industries from technology and retail to defense and government and oil and gas. The Agility DGS business group provides comprehensive logistics solutions to various government entities and non governmental organizations on a global basis. With three business divisions - Real Estate, Private Equity and Trade Facilitators, Agility Investments utilizes the local insights from our global network to invest in specialized opportunities in the emerging markets.
For more information about Agility, visit www.agilitylogistics.com.
