Financial Highlights
| ||||||
FY 2014
(Million KD)
|
FY 2013
(Million KD)
|
Variance
(%)
|
Q4 2014
(Million KD)
|
Q4 2013
(Million KD)
|
Variance
(%)
| |
Revenue
|
1,357.35
|
1,375.70
|
-1%
|
364.29
|
342.90
|
+6%
|
Net Revenues
|
392.03
|
386.30
|
+1%
|
104.73
|
102.85
|
+2%
|
EBITDA
|
99.97
|
94.00
|
+6%
|
26.84
|
25.10
|
+7%
|
Net Profit
|
50.84
|
46.21
|
+10%
|
13.70
|
12.44
|
+10%
|
EPS (fils)
|
46.40
|
42.17
|
+10%
|
12.50
|
11.35
|
+10%
|
Agility’s Financial Results for
full year and
Q4 2014
Agility today announced its full-year 2014 financial results, reporting a
net
profit of KD
50.84 million, or 46.40 fils per share, an increase of 10% over the same period in 2013. Revenues for the year stand at KD
1.36 billion. EBITDA stands at KD 99.97 million, a 6% increase
compared to FY 2013.
For
the last quarter of 2014, Agility reported a net profit of KD 13.70
million with an earnings-per-share of 12.50 fils, an increase
of 10% over the same period in 2013. Revenue for the quarter stands at
KD 364.29 million, a 6% increase when compared to the Q4 of 2013. EBITDA
also saw a 7% increase compared with Q4 of last year, and stands at KD
26.84 million.
The board has met and proposed a dividends distribution of 35% (35 fils per share) and 5% bonus shares for the fiscal year 2014.
“Agility
has steadily grown bottom-line profitability across its various
business entities over the last three years. Agility will continue
to drive margin expansion in its Global Integrated Logistics business
by focusing on strengthening its operating platform, maintaining
financial discipline, and focusing on high-growth markets, products, and
verticals. We will also continue to grow our Infrastructure
portfolio of companies, which are uniquely positioned to capture
opportunities in niche segments in emerging markets. A key part of this
growth will include accelerating our expansion on the African
continent,” said Tarek Sultan, Agility’s Vice Chairman and
CEO.
Agility’s Global Integrated Logistics (GIL)
GIL
revenue for the full year of 2014 was KD 1 .06 billion, a 6% decline
from the same period last year. This reflects both general economic
volatility
and the winding down of major project logistics contracts held by
Agility in countries like Australia and Papua New Guinea.
That
said, GIL’s net revenue has improved by 1% in 2014. Margins have
expanded from 21.8% in 2013 to 23.4% in 2014. This is attributed
primarily
to two factors. First, continued growth in contract logistics across
the Middle East and Asia, where Agility opened new facilities, improved
warehouse occupancy, and grew volumes from existing and new customers.
Second, Agility’s air freight yields improved
in 2014, offsetting some of the continued margin pressure on the ocean
freight side.
Agility Global Integrated Logistics will continue to focus on three areas:
-
Commercial excellence through a strong trade lane management approach and focus on high-growth markets and industries
-
Operational excellence by transforming its business through technology.
-
Financial discipline to ensure its cost structure remains lean and flexible.
Agility’s Infrastructure Group
In 2014, Agility’s Infrastructure group of companies saw revenues increase by
18% to KD 302.90
million, when compared with the full year of 2013.
Revenues
for Agility’s real estate business grew by 12% compared to the same
period this year. Agility maintains a strong real estate
platform in Kuwait, but is also actively developing holdings in other
Gulf countries, the subcontinent, and Africa. In 2014, Agility broke
ground on an Agility Distribution Park in Ghana, the first of a series
of
logistics hubs across the African continent that will provide
international-standard logistics infrastructure to local, regional and
global companies.
“Agility’s
Infrastructure companies have historically performed well, and this
year was no exception. We continue to believe in the long-term
opportunities that the Infrastructure companies
have to tap into niche segments in emerging markets across the Middle
East, Asia, and Africa,” said Sultan. “We add value to our customers by
being willing to go in early, investing in infrastructure that enables
trade, building local capacity, and continuing
to deliver even through the tough times.”
Africa is an area of focus for Agility’s businesses across the board.
Global
Integrated Logistics has operational capacity in 11 Africa countries
and is planning to expand further, and our Project Logistics division
has long-solved complex supply
chain challenges for the oil and gas industry in West Africa. In
addition,
in
2014, National Aviation Services expanded its ground handling footprint
on the continent with a new concession in the Ivory Coast.
Tristar,
a fuel logistics company, owns and operates more than 30 terminals in
Africa with more than 60 million litres in storage capacity. Agility
recently opened new business
development offices in Mozambique and Ghana with a view to offering
truly integrated solutions across its various lines of business.
Recap of Financial Performance for the year of 2014
·
Agility’s net profit stands at KD 50.84 million, a 10% increase from KD 46.21 million in 2013. EPS was 46.40 fils, compared
to 42.17 fils a year earlier.
·
EBITDA stands at KD 99.97 million, a 6% increase from the same period a year before.
·
Agility’s revenues for the full year of 2014 stand at KD 1.36 billion, a decrease
of 1% from KD 1.38 billion in the same period in 2013. Agility’s net revenues increased by 1% from the same period.
·
GIL’s revenue stands at KD 1.06 billion a 6% decrease from the same period a year earlier.
·
Infrastructure’s revenue is KD 302.90 million compared with KD 257.24 million in 2013, an 18% increase from 2013.
·
Agility enjoys a healthy balance sheet with a net cash position of KD 60 million as of 31st December 2014 and
free-cash-flow of KD 24.7 million for the full year of 2014.
“Agility
has grown steadily for the last few years. We will continue to maintain
discipline and focus on execution in our core logistics business, but
at the same time are also investing
for the future on the Infrastructure side. As always, we remain
committed to delivering value for our shareholders and engaging responsibly with our communities. We would like thank our
shareholders, stakeholders and employees for their continuous support,” Sultan said.