Agility reports revenue fall in 1H09

AGILITY    FREIGHT VOLUMES    OPERATING PROFITS

Global - Agility said revenue declined 9% in the first half of the 2009 fiscal year to US$2.85 billion (KWD 821.0 million)when compared to the same period last year.

The company added that despite the ongoing global financial downturn, operating profits for the same period increased 5% to US$289.5 million. Net profit was also on an upward trend, increasing 3% to US$260 compared to 1H08.

"Despite being faced with reduced volumes in freight forwarding since the start of the economic downturn, I believe that our strong financial performance in the first half of 2009 is a testament to our 'agility' and continued emphasis on driving efficiencies," said Tarek Sultan, chairman and MD of Agility.

Agility said it generated approximately US$260 million from operations in the first half of the year; a growth of 42% over the previous period. The company also reported a strong balance sheet showing an improvement in working capital, with a cash position of US$1.14 billion, and net debt of US$285 million.

"In the past we invested more than 60% of our capex in our logistics business in the emerging market and we are now seeing the returns on that investment as the Middle Eastern commercial logistics market continues to grow amidst this crisis," said Sultan.

Sultan continued, "Agility's strategy to aggressively manage cost, cash, and capital, expand into emerging markets that are still growing despite the crisis and diversify our government contracting business is paying off. We feel confident that we will emerge from these tough times a stronger and more resilient company."  

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