Agility reported a net profit of KD 9.75 million and earnings per share (EPS) of 9.81 fils, compared to the Q3 2011 net profit of KD 8.05 million and EPS of 8.04 fils. Excluding one-off items in Q3 2011, EBITDA increased 65% compared to the same period last year. Revenues increased from 329.7 million KD a year ago to 363.4 million KD.
“The third quarter demonstrated that our efforts to transform the company into a leaner and more efficient organization are paying off,” said Tarek Sultan, Chairman and Managing Director. “Even during these tough economic times, we managed to grow revenue and net profit. The company will continue to stay focused and disciplined in order to complete the transformation that we will leverage for future growth.”
“Our industry is inextricably linked to world trade flows, therefore the global economy remains the key driver behind GIL’s performance,” Sultan said. “The continuing Eurozone crisis and slow recovery in the Americas, as well as a relative slowdown in China, impacts our business. That said, we continue to make strong gains in emerging markets more generally, and are seeing continued progress with our efforts to contain costs, achieve productivity gains through technological transformation, and realize profitable sales growth.”
Outlook
“Our reinvigorated sales focus, strong presence in growing emerging markets, and track record of outstanding performance in complex and challenging environments, are strong contributors to the positive momentum we have seen in 2012,” Sultan said. “We have 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 Agility.”