Agility Reports Earnings Increase of 7.3% for First Quarter2019

Agility, a leading global logistics provider, today reported first quarter earnings of KD 20.3 million, or 12.2 fils per share, an increase of 7.3% from Q1 2018 (Excluding IFRS-16 Impact it will be an increase of 10.2%). 

First-quarter revenue was KD 378.8 million, and EBITDA was KD 46.3 million, increases of 1.9% and 22.8%, respectively. Excluding IFRS16 impact, Agility GIL reported Q1 EBITDA of KD 6.8 million, a 9% decrease compared to the same period a year earlier, the drop is attributable to costs associated with GIL’s digital transformation and commercial investments.

Agility GIL first-quarter revenue was KD 275 million, a decrease of 1.1% from KD 278.1 million in the same period a year earlier.  Q1 GIL revenue was affected by currency fluctuations. On a constant currency basis, GIL revenue increased 3.4% vs. the same period a year earlier.

Net revenue increased to KD 65.4 million, a 1.2% increase over Q1 2018 (excluding the IFRS-16 impact). The net revenue increase was driven primarily by Ocean Freight and Contract Logistics, offsetting decreases in Project Logistics and Road Freight.  On a constant currency basis, GIL net revenue growth was 5.1%. GIL’s overall Q1 net revenue margin was 23.8% against a 23.3% a year earlier.

Air Freight tonnage grew 5.2% in Q1 2019; Air Freight grew across multiple trade lanes and sales channels with very strong performance from strategic customers. Ocean Freight net revenue performance was driven primarily by yield improvement and TEU growth of 2.3%. GIL had stable Ocean Freight performance across geographies and sales channels with volume growth primarily from strategic accounts.

Q1 Contract Logistics performance was strong, with revenue growth of 3.6%. The Middle East/Africa region (mainly Kuwait, Dubai, Egypt) was the key driver of growth and improved margins.
 

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