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Agility Logistics "mixed bag" growth

PRESS RELEASE

August 14, 2015: Agility today announced its financial results for the second quarter of 2015, reporting a net profit of KD 13.5 million, an increase of 5.0 percent compared to the second quarter of 2014.

"The global logistics market is a mixed bag in terms of growth, with continued sluggishness in China and Europe; and ongoing pressure on rates. In this environment, we are pleased to report that Agility continues to post steady growth in profitability," said Tarek Sultan, Agility's CEO.

"Agility's Global Integrated Logistics business continues to drive margin expansion through commercial transformation, financial discipline, and productivity improvements powered by technology."

"Agility's Infrastructure group of companies, which capture investment opportunities in niche logistics-related segments in emerging markets, each have their own strategy. Across the board, however, there is an emphasis on improving efficiency and growing potential through regional and customer expansion," he added.

Revenue for Agility Global Integrated Logistics (GIL) for the second quarter of 2015 was KD 259.0 million, a 4.0 percent decrease from Q2 of 2014; GIL's revenues were negatively impacted by currency volatility.

The company said the freight forwarding market showed mixed performance in the second quarter of the year relative to the beginning of the year, with a softer airfreight market and consistent ocean freight market. The contract logistics market, especially in emerging economies, continues to grow however.

This growth in contract logistics demand, coupled with improved yields in Agility's airfreight business, and better commercial disciplines, has resulted in margin expansion within GIL.

Agility's Infrastructure companies contributed KD 71.1 million to second quarter 2015 revenues. Net revenues for this group of companies showed an 8% increase over the same period last year.

Agility Real Estate, the largest contributor in the group, grew its revenues by 10.0 percent in Q2 2015, compared to the same period in 2014. Other Infrastructure companies have also reported healthy growth in this quarter and are making progress in new customer acquisition and geographic expansion.

Financial Performance for Q2 2015:

- Agility's net profit stands at KD 13.5 million, a 5.0 percent increase from KD 12.8 million in Q2 2014. EPS stands at 11.79 fils, compared to 11.18 fils a year earlier.
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- EBITDA stands at KD 25.5 million, a 1% increase from the same period a year before.
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- Agility's revenues for Q2 2015 are KD 328.4 million, a decrease of 4.0 percent from KD 341.7 million in the same period in 2014. Agility's net revenues have increased by 3.0 percent over the same period.
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- GIL's revenue stands at KD 259.0 million, adjusted at constant currency rates represents a decrease of 1.0 percent compared to the same period in 2014 (a 4.0 percent decrease on a reported basis).GIL's revenue stands at KD 259.0 million, adjusted at constant currency rates represents a decrease of 1.0 percent compared to the same period in 2014 (a 4.0 percent decrease on a reported basis).
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- Infrastructure's revenue was KD 71.1 million compared with KD 72.7 million in Q2 2014. The Infrastructure group's NR has shown an 8.0 percent increase over the same period last year.
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- Agility enjoys a healthy balance sheet, with a net cash position of KD 17 million as of 30th June 2015.Agility enjoys a healthy balance sheet, with a net cash position of KD 17 million as of 30th June 2015.

Summary

"The external market environment will continue to be a challenge for the foreseeable future with economic growth slowing in some countries, but improving in others. While we cannot control these external factors, we will be strategic in our investment choices, focusing on countries, verticals, and products that have long-term potential," said Sultan.

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