Kuwaiti global logistics provider, Agility, posted flat second-quarter net profit of KWD7.8 million (US$27.6 million) compared to the same profit level in the three months to June 30 last year.
According to the Shipping Gazette, revenue in the second quarter reached KWD348.8 million, a 6 per cent increase over the same period last year. Second quarter EBITDA surged 63 per cent from KWD12.5 million last year to KWD18.9 million, after adjusting for one-off events.
Revenue from the core Global Integrated Logistics (GIL) business in the second quarter amounted to KWD295 million, a 1 per cent increase from the same period a year ago.
"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, chairman and managing director.
"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. We have also seen strong sales growth in emerging and challenging environments. Our scope of work to support the world's largest natural gas project in Western Australia has grown substantially and is estimated at AUD$232 million (US$243 million) over the next two years," Mr Sultan added.
Looking ahead, the chairman said: "We have also worked hard to restructure the business over the last two years, and are beginning to reap the benefits. Although the global economic outlook is likely to continue to be uncertain for the rest of the year, I am confident Agility is moving in the right general direction. We have shown our ability to adjust, adapt, reinvent and address problem areas head-on, living up to our name."