Kuwait-based Agility’s core Global Integrated Logistics (GIL) business continued to be an important contributor to the company which made a profit of KD7.82 million ($27.71 million) in the second quarter (Q2) of the year, against KD7.83 million in the same period of 2011.

Revenue and EBITDA were KD348.8 million and KD18.9 million, respectively. Earnings per share for the second quarter were KD0.0079 compared to KD0.0078 a year earlier, it said.

“We started 2012 off on the right track, and our mid-year results show that both our internal transformation and business development efforts are paying off,” said Tarek Sultan, Agility’s chairman and managing director.

“EBITDA adjusted for one-off impacts shows a 63 per cent improvement relative to the same period last year. Although we feel the effects of the broader slowdown in the economy, we continue to improve our operational performance during these challenging times. We are making good progress in our efforts to transform our business through technology, improved financial discipline, and focus on under-performing entities,” Sultan said.

Sultan: efforts paying off

“We have also seen strong sales growth in emerging and challenging environments. For example, our scope of work to support the world’s largest natural gas project in Western Australia has grown substantially and is estimated at A$232 million ($244 million) over the next two years.”

Revenue from Agility’s core Global Integrated Logistics (GIL) business increased 1 per cent in Q2 2012 relative to the same quarter in 2011.

GIL’s growth strategy is based on differentiated product offerings, a unique sales approach, improved customer service and quality, operational productivity and disciplined management of cost, cash and working capital.

It continues to be the main driver behind Agility’s overall growth. It holds a leading position in emerging markets in the Middle East, Asia, Eastern Europe, and increasingly Latin America and Africa.

Agility’s Infrastructure group contributed KD58.4 million to total revenue in Q2 2012 compared with KD45.2 million last year. Its real estate business remains the main contributor to revenue of the Infrastructure group, growing 21 per cent in Q2 2012 relative to the same quarter in 2011. Other Agility Infrastructure businesses have also shown continued growth compared with 2011.

Agility’s Q2 2012 results are the first to include those of newly acquired business, United Projects for Aviation Services (UPAC).

Q1 2012 revenues were KD321.8 million against KD318.5 million in Q1 2011. Net profit for Q1 2012 was KD7.1 million against KD7.7 million.