KUWAIT – November 5, 2017 – Agility, a leading global logistics provider, today reported third quarter earnings of 14.2 fils per share on net profit of KD 17.8 million, an increase of 18.1% and 17.4% respectively over the same period in 2016. Agility EBITDA grew 18.3% to KD 34.2 million. Revenue increased 15% to KD 358.5 million.

Through the first nine months, earnings were 39.1 fils per share, up 14.2%, and net profit was KD 49.2 million, up 13.7%. EBITDA for the first nine months was KD 97.6 million, an increase of 16.5%; revenue was KD 1,021.1 million, up 11.1%. The results are in line with the company’s long-term guidance.

Tarek Sultan, Agility Vice Chairman and CEO, said: “We remain on track to meet our 2020 EBITDA target of $800 million. Agility’s Infrastructure portfolio of companies continue to drive performance, and we are heavily investing in further growing their footprint in emerging markets across the Middle East, Asia and Africa.”

Agility’s global logistics business has shown double-digit growth in air and ocean tonnage, and contract logistics revenue growth. “Even so, it’s a tough market because capacity constraints and higher freight forwarding rates continue to affect profitability,” Sultan said. “Looking ahead, we are investing in technology so that we can better serve our customers online, and drive productivity, efficiency, and operational excellence.”

Q3 2017
(Million KD)
Q3 2016
(Million KD)
9M 2017
(Million KD)
9M 2016
(Million KD)
Revenue 358.5 312 15% 1,021.1 919.2 11.1%
Net Revenue 115.5 107.2 7.7% 344.1 316.7 8.7%
EBITDA 34.2 28.9 18.3% 97.6 83.7 16.5%
Net Profit 17.8 15.2 17.4% 49.2 43.3 13.7%
EPS(fils) 14.2 12 18.1% 39.1 34.2 14.2%


Financial Highlights(Number above have been rounded)

Agility Global Integrated Logistics (GIL)

Third quarter revenue for Agility Global Integrated Logistics (GIL), the company’s core logistics business, grew by 19.4% to KD 273 million. GIL’s commercial strategy is to drive growth by committing to defined solutions and customer segments, improved sales productivity, and development of efficient tradelanes. That strategy has increased revenue across all products and generated growth in all customer segments. Air and ocean posted revenue increases of more than 20%, as a result of a 16.1% growth in air tonnage and 12% increase in ocean TEUs. Project Logistics also improved revenue by 27.3%.

Net revenue in Q3 increased 2.4% primarily as a result of growth in contract logistics, which has been performing well in the Middle East and Asia Pacific. This growth is occurring at both new and existing warehousing facilities. Net revenue margins shrunk to 22.6% compared with 26.3% in Q3 2016, because capacity constraints and higher freight market rates adversely affected yields for freight forwarding.

As a result, Q3 EBITDA was almost flat (it grew only by 1.4%) vs the prior year. EBITDA was further affected by foreign exchange rates. Excluding foreign exchange impact, GIL’s EBITDA grew 3.4% in Q3.

GIL continues to refine its approach to its customer segments and product lineup, improve operational performance and cost discipline, and invest in technology and systems that will enhance its efficiency and productivity. It is developing tools to better serve customers online.

Agility’s Infrastructure Companies

Agility’s Infrastructure group EBITDA rose 24%, to KD 29.4 million in Q3. Revenue grew 4% to KD 91 million.

Agility Real Estate posted healthy revenue growth as it focused on improving efficiency of the existing assets and its development of new warehouses across the Arabian Gulf countries and Africa.

Tristar continues to drive growth in its shipping business. In Q3, Tristar issued new shares and received a $100 million capital injection from Gulf Investment Corporation (GIC) for a consideration of 19.4% of the company’s capital, implying a post-money valuation of $515 million, which crystalizes the value created over the years since its acquisition in 2003.  This deal will help position Tristar for further growth and value creation for its shareholders.

NAS operations in Kuwait, Ivory Coast, and Afghanistan showed major growth in revenue and EBITDA. Performance in those three markets is expected to remain strong, and operations in Abu Dhabi and India also should grow in the near term. NAS faces challenges in Morocco and Tanzania but is positioned to grow revenues in both countries by early 2018 without incremental investment or cost.

UPAC continues to improve operational efficiency at existing operations in Kuwait International Airport, the Sheikh Saad Terminal and at Discovery Mall, locations where it is currently operating at full capacity.  In Abu Dhabi, the Reem Mall project is moving forward and is a cornerstone of UPAC’s strategy to be a major commercial real estate player in the region.

GCS, a customs consultancy, also contributed to Q3 growth. GCS manages all customs activities at ports of Kuwait.


• Agility’s net profit increased 17.4% to KD 17.8 million in Q3 2017. EPS was 14.2 fils vs.12 fils a year earlier.

• EBITDA increased 18.3% to KD 34.2 million.

• Q3 revenue rose 15%, to KD 358.5 million, and net revenue increased by 7.7%.

• GIL revenue grew 19.4% while EBITDA was almost flat (3.4% increase on a constant currency basis).

• Agility enjoys a healthy balance sheet with KD 1.6 billion in assets. Net debt position was KD 113.4 million as of September 30, 2017. Operating cash flow was KD 28.5 million for the first nine months of 2017.


About Agility

Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.1 billion in revenue and more than 22,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions to meet traditional and complex customer needs. GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support.