Kuwait's forwarding giant, Agility, has posted a 37 per cent year-on-year net profit increase in 2013 to KWD46.2 million (US$164 million), drawn on revenues of KWD1.4 billion, down three per cent, according to Shipping Gazette.
Fourth quarter net profit was up 29 per cent year on year of KWD2.4 million while revenues stood at KWD342.9 million. EBITDA for the quarter was KWD25.1 million and for full year 2013 it was KWD94 million.
The board proposed a dividend distribution of 40 per cent cash and five per cent bonus shares for fiscal year 2013.
"We will continue to grow along two main fronts. One, by improving performance in the core global integrated logistics business through technology-driven transformation, ongoing focus on global accounts and field sales and maintaining financial discipline," said Agility CEO Tarek Sultan.
"Two, by growing the individual companies within our infrastructure portfolio, expanding their geographic reach, and diversifying their customer base. Our diversified business model allows us to hedge risk and take advantage of niche market segments in emerging markets," he said.
Revenue for global integrated logistics (GIL) for the full year 2013 was KWD1.13 billion, a decrease of 4.5 per cent year on year.
Revenues declined due to underlying challenges in the freight forwarding industry, including difficult air freight conditions and falling ocean freight rates despite increased volume.
"That said, GIL improved its net revenues margin from 21 per cent in 2012 to 22 per cent in 2013 by driving productivity improvement in its business," said the company statement.
Said Mr Sultan: "Going into 2014, we will build on the momentum we have gained driving productivity improvements through technology-driven transformation, and drive a culture of accountability across all parts of our business. The economic outlook may be uncertain, but we will continue to focus on what we can control."
Agility is a publicly traded company with over $5 billion in revenue and more than 22,000 employees in 500 offices in 100 countries.
Agility's core commercial business is ocean and road freight forwarding, warehousing, distribution, and specialised services in project logistics, fairs and events, and chemicals. Its infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimisation and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defence, remote infrastructure and life support.
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