Agility reports KD 15.3 million net profits for Q1 2023
KUWAIT –Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, reported its first quarter 2023 net profit earnings totalled KD 15.3 million (about US$ 50 million), or 6 fils per share, an increase of 20% over the same period in 2022.
Agility’s EBITDA increased 78.1% to KD 60.4 million (about US$ 197 million) and revenue grew 142.7% to KD 320.5 million (over US$1 billion).
On a like-for-like basis — excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 — Agility’s EBITDA increased 30% to KD 44 million, and revenue grew 17%.
“Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time. On the investment side, equity markets improved in Q1 which was reflected in our investments. That said, we continue to look beyond short-term movement in equity markets, focusing instead on the strategic value, growth and returns that these investments can deliver for our shareholders over the long term,” said Agility Vice Chairman Tarek Sultan.
“Like all global businesses, we view ongoing inflation, high interest rates, currency volatility and other factors as reasons for continued caution about the near-term economic outlook. We are also closely watching the Kuwait land contracts issue. Even so, we are excited by the strategic transformation that has taken place in Agility since 2021. We believe we are positioned to grow and drive value for our shareholders, customers, employees and communities as we evolve further,” he added.
Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. In Q1, the combined EBITDA of our controlled businesses was KD 56.8 million on revenue of KD 320.5 million, increases of 55% and 142.5%, respectively, over Q1 2022.